Also try to rent to self-sufficient and "hands on" tenants.

Your lender can probably give you a referral to a local Realtor who would be willing to work with you to tour homes.If you see a property in your price range and target area that you feel would be a good fit and investment, buy yourself a house!  

When the 5yr balloon payment is due, will a 5yr positive P/L ratio likely be sufficient to refinance the property?

When the 5yr balloon payment is due, will a 5yr positive P/L ratio likely be sufficient to refinance the property?

What price range are you looking at if you flip?  

General Rule of thumb to use for SFR, but can be a quick guide for what you're looking at..1% for A neighborhoods1.25% for B Neighborhoods1.5-2% for C Neighborhoods2+% for D Neighborhoods.Not sure of the exact location, but I would venture to say you're probably in the C range in Madison and the way she is charging tenants/ vacancies.As-is with vacancies I would estimate $390,000.Completely Occupied / No major deferred maintenance $590,000.I'm curious to see other peoples thoughts on this too..

From what I've found in Canton, 2 br units are usually more 500 range.

Also, if you can replace that $418/month car payment with something around the $200/month (or even lower) range, you'd increase your borrowing power even more.Good luck, Doel!

In my area the price of a house like that would range anywhere from $80,000-$120,000 for a single family and $100,000-$300,000 for a multifamily (depending on how many units.

You should be able to find something in the 1.3-1.5% rent/price rule range.