Although there are many variations, a cap rate is often calculated as the ratio between the net operating income produced by an asset and the original capital cost (the price paid to buy the asset) or alternatively its current market value."

.- I've done a few significant buy, renovate and hold projects that are producing good cashflow, but I'm carrying a fair bit of debt, so not in a great conventional loan position, though I do have a steady W-2 job.

We already have an income producing billboard on the site which basically just pays the property taxes.

BP Podcasts are incredibly helpful.There are also many helpful books about the topic, you can find more at biggerpockets.com/books such as UBG (ultimate beginners guide).

Here's the sticky, stress producing side of it all.

There are a lot of gurus out there that will tell you to leverage your future and sell your kids to get started in real estate investing, but that's incredible unwise. 

Understand... if they are a Top Producing agent, they are generally pretty busy, and generally will not be able to return calls quickly, and may not necessarily take your call immediately if they do not believe that you are a viable prospect.Step 6.  

Underwriters will count the income of the other three units IF they are currently occupied and producing income.

I am in the largest producing real estate office in Indianapolis and I regularly train new agents including all the ones that go to BOLD.

My learning curve has been incredibly steep, fortunately I'm still going to make a little money or break even.