Just saying its a bigger world than presenting a hard and fast rule implies.

If I went by the rental rule of 50% and it rents for $2000 per month now (and if I think that could continue), their list price of $215k is not even 1%...thats why i was wondering if I should look at it differently or lowball them lol.  

That person should be familiar with Georgia and Indiana rules as presumably that person has been working with you.My understanding is that your LLC is located where the members (owners) are located, so I would say Georgia. 

Have you ruled out Columbus for investments and not having a family member as a tenant?

There are special rules for spouses, but not for children.

With that said - don't count on every agent to play by those accurate rules. 

Yes, the fact that they recently had to adopt new rules for investors (investors can get no more than 5% of any single property per account, frex) and that even with these rules in place you have to act fast to get in on new properties tells me that they have a pretty popular model.

Thank you everyone, this information is so helpful, as all the rules that I have read don't seem to address this specific question in a way that I am fully understanding.  

I have not done a full analysis of each rental to see what the deferred maintenance is as I figured that would be after I am in contract with the seller.One item that concerns me is that I am coming up with an actual expense ratio of 55-60% instead of following closer to the 50% rule.

Here is something a guy named @Andrew Postell put together and I say is well put together:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of….Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”…WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchase price.