I did not study and take my test and all my CE for the 3 states I have brokers licenses in and my NMLS mortgage bankers license to have to compete with newbies with no training and no licenses.

Studying is on line at your pace with practice tests.

I am personally testing a similar model with 3 properties in coastal SD. 

-What are your favorite questions to ask during an interview for a new employee (i.e. questions that give you great feedback regarding their character, work ethic, integrity, really test to see if they are a "go-getter," (the way, Brandon, you've tested some applicants by requesting they only fax resumes in), that their personality is a fit for you and your team, etc)? 

I quickly found out that managing multiple multifamily’s was WAY too intensive while holding down a full time career. 

Some tenants get that and others have to test the theory ... experience it and then they get it.Good luck!

In finance and accounting we look at a "Quick Ratio" (also known as the Acid Test) this shows the ability of a company to meet obligations, but this only looks at current assets or liquid assets and current liabilities, real estate is not a liquid asset.So we move to other ratios like "Current Ratio" and "Cash Ratio" these to help to illustrate the ability of a company to cover current debts.As to mortgages or long term debt, coverage is difficult to predict due to uncertainty over longer periods, but by looking at the current coverage and cash available we can see what funds remain for these other obligations.Most everyone is familiar with the debt to income ratio we suffer through at a loan application, say 24/36, meaning that you should not pay more than 24% of your income to current liabilities, revolving accounts and car loans, the 36% includes the 24% to establish your ability to cover the mortgage, total debts should not exceed 36% in this instance.

I'd recommend you do some "stress testing" or look at some scenarios, if you're seriously considering the higher leverage option like RI Housing or other first time buyer, 3% down type loan.

You can either have someone come and test it or DIY.

I was planning on testing one with Section 8 and one market, and go from there.