I jumped into my first deal and now need to step back and get my accounting, bookkeeping, systems and business in order before I proceed. 

I will reanalyze it when I have more informationRent $1,300 Vacancy $65.00 (5%)Repairs $130.00 (10%)CapEx $130.00 (10%)Insurance $100.00 (8%)Management $26.00 (2%)P&I $504.61 (39%)Property Taxes $208.33 (16%)Total $1,163.95 (90%)

You will pay for your own title insurance this way, but the other fees make it lmost a way, but more impoertantly you will get a more thorough tile search, and less exceptions ((things not covered) in the B Section under Exceptions in your title policy//committment.

Since you are excluding fees (which would leave you with a gross profit), are you counting insurance?

One-time Expenses$1000 - Acquisition Costs (minor rehab, legal, & inspection)Annualized Expenses10% Gross Annual Rent - Vacancy Costs (turnover & lost rent)10% Gross Annual Rent - Property Mgmt (standard)$1176 - Repairs & CapEx ($1 per sq foot for tpical property)$1516.46 - Property Taxes (5 year historical average for typical property + 10%)$1000 - Property Insurance (a nice round number: seller reported that he paid $708/mo for one duplex)$27 - Water & Sewer (average across several properties from last month)$0 - Gas, Electric, HOA, Snow Removal (tenant pays or not applicable)$60 - Lawn Care (I made this number up)COMPARATIVE ANALYSIS:This is my analysis of the five properties that are being negotiated right now, listed from best to worst.Property Alpha (two-flat)$1250 - Income, Monthly (actual)$567.37 - Expenses, Monthly (estimated)$42,000 - Price, Signed Contract36% - Cap Rate (Annualized Income / Price)16.6% - ROI, After Tax (annually, assuming 15% income tax)6.0 Yrs - Until this property pays itself offProperty Bravo (two-flat)$1100 - Income, Monthly (actual)$537.37 - Expenses, Monthly (estimated)$42,500 - Price, Signed Contract31% - Cap Rate (Annualized Income / Price)13.1% - ROI, After Tax (annually, assuming 15% income tax)7.6 Yrs - Until this property pays itself offProperty Charlie (duplex)$1075 - Income, Monthly (actual)$532.37 - Expenses, Monthly (estimated)$55,000 - Price, Informal Discussion23% - Cap Rate (Annualized Income / Price)10.7% - ROI, After Tax (annually, assuming 15% income tax)10.3 Yrs - Until this property pays itself offProperty Delta (SFR)$875 - Income, Monthly (actual)$492.37 - Expenses, Monthly (estimated)$48,000 - Price, Informal Discussion22% - Cap Rate (Annualized Income / Price)8.8% - ROI, After Tax (annually, assuming 15% income tax)13.6 Yrs - Until this property pays itself offProperty Echo (SFR)$770 - Income, Monthly (actual)$471.37 - Expenses, Monthly (estimated)$62,500 - Price, Informal Discussion15% - Cap Rate (Annualized Income / Price)4.1% - ROI, After Tax (annually, assuming 15% income tax)24.4 Yrs - Until this property pays itself offNotice how the price keeps going up?

.): $30kDeduct Holding costs (cost to keep the home until it is sold which includes utilities, property taxes, insurance etc): $2,250= Revenue after all debt paid : $282,750So my dad will get all his money back, my aunt will get roughly $250k and I will get $28k.

I know subject to's are risky but ours only took six months (we had to wait six months because of lending requirements but I have heard of people on BP getting around this) to put the deal into a traditional financing situation and we didn't have any problems with the seller's lender - had a good insurance agent that put insurance on the property without causing redflags with the seller's lender.  

I currently own 20 units, and still work full time self employed as an insurance agent, so I am looking for a CPA/Tax prep that is knowledgeable in the RE space.

Our total mortgage amount is 165k and our total out of pocket is about 9k, that's closing costs, fees, insurance, appraisals everything.

I will probably want to refinance at least 80% of that into something fixed at some point to hedge against rates going up.Monthly costs:* debt service = $441 (141,000 *0.0375/12)* insurance = 78 (quote from Geico)* HOA: 860* taxes: $149 (it's $894 each per year)* repairs: $100 (I'm estimating a little less than with an SFR because with a condo I don't worry about the roof, the hot water heater, landscaping, etc.)total: 1628Monthly income: $2660 (1410+1250)Net: 1032Cap rate = 8.7% (1032*12/141000)Things I didn't include: closing costs, vacancy.