Well here are few that I can think of:- You are an Accountant - who views the reports once a year to do taxes (That is it)- You are a Bookkeeper - you want to do the data entry because it does not make you money- You are a DIY QuickBooks user - who will surf the internet and YouTube for answers and not have the full process, procedure, and solution- You are a CFO - review your financials every day or week, depending on your business goalsNow let's get into the nitty-gritty:- You as a business owner should look at your reports by each property and unit- You should compare your Profit and Loss by:----- Month----- Quarter----- Year----- Previous Year Comparison----- By % of your Income ----- and the list goes onNow about your Equity - view your Balance Sheet and see the difference from previous year how much money you paid and received by improvements and loan, the personal money you invested and more...If you are looking at keeping the books for tax purposes and IRS, as well as use paper and pencil.

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.

@Jason JamesPros:Invest in what you know or what to learnBuild your networkTax-advantaged (Tax deferred for Traditional IRA, Tax-Free earnings for Roth IRA)Influence the outcome of your investment (With the stock market, all you get to do is watch.

Compare that to what you have (Apples to Apples). 

If it goes through via non-recourse, then downside is less compared to recourse loans.

He purchased a home for a bit over $500k, and realized his mortgage is about $3100 compared to the rental market which was inbtween $2100-2700.

I am looking for traditional 15 and 30-year mortgages.Will I need cosigners for properties if they cash flow 1%+ a month after all expenses and a 25% down payment Also, any references for mortgage brokers or bankers that actually write up these loans in the Indianapolis area would be appreciated. 

Will I need to qualify for traditional financing or will I be able to complete this deal with limited funds?

As well, you should not compare SFR or Residential MFR with commercial MFR.

Just make sure you have the same loan terms in every calculation so that you can compare them consistantly.. but yes, you do have to anticipate closing costs, holding costs, and rehab costs as cash that you are putting into the deal most likely.