Given the "range", perhaps make your decision based on the percentage increase in gettable rent vs the percentage extra it's costing ie.

Always do the math analysis and try to look at all properties if you have the time to look at prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (about 10 days) to make a detailed inspection on the prospective property and possibly get out of the deal without a penalty that will hurt you too much.Do not try to do everything yourself.  

Care to share the details, how you found it, price, rents, etc etc?

And that would only be using the difference in loan payments from a year ($1212 x12), so I could do this yearly or every other year and come out way ahead.I tend to think of ideas like this and sometime miss a small detail that has an enormous impact on all of my numbers, so please tell me if I am way off base!

Things like, but not limited to, taking distributions, funding the corporation, corporate formalities and defining payroll -- details on the process and gotchas.

But if I could have a mortgage that was on two homes that had enough extra to pay off my current loan that would be very nice.

I can provide more details if you're curious.

On a $1700 house we just rented, we charged $400 pet deposit plus $25 extra a month for the pet.

If you are using hard money you need to budget for the points and fees as well as traditional third party closing fees.Repairs: The money it is going to take you to rehab the property plus an extra 10% of estimated repair costs to account for unexpected repairs.Holdings Costs: Here is where a lot of investors get tripped up.

A friend suggested I join this forum for tips and details on escrow, renovations, renting out, and property taxes.