I worked with my agent (who was also a PM and friend of mine) and determined that I could get rent that could cover the mortgage and the operating expenses, reserves, vacancy, etc with a little cash flow.

The mortgage can stay in your natural name while you title the property and operations of business into the name of your LLC.

Can I get an operating expense report front he owner?

To summarize the call report (run using 9 months of 2013):Number of institutions reporting 5937YTD Total Interest Income is 322,614,882,000YTD "Other noninterest income" is 78,975,123,000Based on the numbers, I'd guess that Rent and other income from Real Estate Owned is a significant operational income stream for banks.

Gas dryer is much cheaper to operate than electric.

We certainly have some good companies represented here but don't assume that because anything here that might be advertised has any endorsement you need to do your due diligence on anything you do in RE.Turn key operations can be ripe with fraud or scams, there are those that have picked up very cheap properties, put lip stick on, put a partner type tenant in at higher than market rates to justify a much higher price to sell the package.

Although, many on this site report positive outcomes.I could use a word of wisdom on how one proceeds with this venture without making predictable mistakes.I would greatly appreciate feedback on the proposed deal:Sale Price $980,00Price Per Unit $35,00Price Per Foot $41.26CAP Rate 7.1%GRM 4.86xBuilding Size 23,750 SFLot Size 43,124 s.f.Year Built 1969City Desoto TXGross Scheduled Income $201,424Other Income 703Total Scheduled Income 202,127Vacancy Cost (28,610)Gross Income 173,517Operating Expenses (103,682)Net Operating Income $69,836

So your $800 would over the life of the rental be closer to $400, $480 if you will be self managing (40% not 50%).Back of the envelope analysis shows you making a net operating income of $5760 for the year if you self manage, a 13.7% ROI if you spent your $35k doing repairs.Learning these quick guidelines for analysis is a good idea to qualify or disqualify a potential property.

Down here an ocean view can mean a lot more money, so it's well worth it to us.Aside from all the useful stuff, they're cool to operate.

Suddenly got a call and said they loaded everything up into the moving fan and is ready NOW to go over now, wants to move in tonight.