However, I'd convert the 2 lower units to a 3/2 for myself and my children to live in.Would the fha approval go off of what the county states, as the property only having 4 units?

When you're looking for your first rental - I would suggest using a mortgage calculator to help you calculate your monthly expenses vs rental income.

We've lowered skip trace pricing considerably (keeping quality high).

Do realtors work lower commissions since he’s just there to oversee the deal and paperwork? 

The monthly expense would be a little bit more than what we charge for one night. 

What are all the line items in the expenses line?

Last year I barely made any money after all expenses were paid.

Dan - I'm not buying in DFW, but I am underwriting with 0% rent growth the next two years and then growing out my rents and expenses at the same rate in outward years - typically at 2% each.

However, the other benefits of owning real estate are: - Taxes (depreciation/potential accelerated depreciation)- Appreciation (this is NOT always guaranteed, but over time, you will have appreciation)- Building equity (in this scenario, as long as rent is paid, you'll build about $140 monthly in equity)Please note some expenses that are missing from this are: - Management fees (8-10% on average, if applicable)- Estimated vacancy costs (2-3%)- Estimated repairs (5%)Disclaimer: I am a real estate investor and own four rental properties. 

Ideally you do this if the rates are lower so you don't want to cash out refinance a property if the interest rates are higher than your current rate.