The typical rule of thumb which works well is GROSS monthly income at least 3x the rent.

Dmitri then called the 10K an "onboarding fee" as a means of justifying why the fee would have to come first and reiterated that it would be 10K up front for every property I might want to purchase (if my intent was to purchase 2 properties it would be 20K up front, and if my plan was to buy 5, then it would be 50K up front). 

If property is done right even in todays market you can hit 1% rule and attract very desirable college students.

Leverage local experts: Connect with an architect or zoning attorney familiar with Scranton’s rules.

While podcasts, books, seminars, and websites offer general knowledge, you'll buy a specific property in a specific location, subject to local rules and regulations.

It’s also worth diving into local regulations and HOA rules—they can shift quickly in coastal markets like this.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

Well worth the money, plus you will have already factored that expense in to your cash-on-cash requirements to justify a purchase decision)4. 

Asking in the correct forum will get a better response.Read the RULES!

There are rules and situations unique to each state and that is why you want to go with a local lender vice someone just reaching out to you telling you they can do it. 2) Better recourse if the lender screws something up: a local lender has more skin in the game so to speak as if they screw something up their name will be mud to local real estate agents in the deal.