Just doing rough numbers:Net income 41kOwner finance at 6% and I talk him down to 4.0 for 3.2 million dollar financing 8.8k in Principle16k in interestBlanket loan of 700k @ 6 percent1.9 Principle3.5 Interest30.2k of debt coming out a month41/30.2k = 1.35 DSCR I do have 100k in assets to cover the initial 100k.

I purchased a list from List Source which I was initially excited about and really enthused to get my postcards out the door!  

Since $5000 is low, what would be a good "ballpark" number to initially analyze a deal before putting boot on the ground?  

Personally, whatever happens I think I'll be happy I took this first step. 

Once they start looking they can give you the steps you have to take.

That's your first step. 

I should contact the PM and get justification for each one.2) Either the PM reduces some fees, or I step up and pay some of them myself, but the tenant shouldn't have to pay all of these egregious fees.3) I should not contact the tenant directly.

We hire leasing agent/property management for advertising, finding potential tenants, doing applications and initial screening, for the top 1-2 applicants, our leasing agent will send application for us to review, and we decide whether to proceed, or clarify questions further.

I've been wanting to get involved in real estate for a few years now, but never took the step.

I am inclined to be pretty lenient, the last thing I want to do is initiate an eviction immediately following a natural disaster.