That leaves you only $1600/year in case flow, or $16/unit/month.

I do have modifications on my 3 day notice to tell the tenant that they must get ALL their belongings out and that they must leave the property in a broom swept conditioni.

In some cases I just leave it all blank rather than fight with a system.

Study the forums carefully and make sure you completely understand cash flow inside and out if that is going to be your exit strategy when you decide to leave your first property.

We also leave a very detailed explanation of how we expect them to take care of the property and how they'll be rewarded for doing so.

Altogether, these will probably leave you between 10 and 15% of the ARV as your profit.

If a 100% loss of your investment would leave you in dire straits, then ABSOLUTELY do not take that money out of your house.The answer to your question requires more questions.

I have quad 4 unit buildings that are town homes.What I have found is it is much better to put all tile on the main floor instead of carpet or vinyl.Upstairs with the carpet it doesn't get worn down as much as the main level.When you evict a tenant with tile it is mop and go and not fixing tears in vinyl or carpet that can't be salvaged.The dirty carpets tend to attract bug problems as well.You can find tile cheap and buy a big area rug to warm it up for cheap.The key with tile is the contractors can kill you on the install fee.You have to find a contractor hungry for money.I can get tile 12 X 12 for 56 cents a sq ft.Main level I would spend about 229.60 in tiles,another 150.00 in mix for bonding and grout for finish and just put back old finish trim down and repaint.Can get a hungry contractor for 75.00 a day to tile day one and finish grout 75.00 day two.Total cost 529.60 for main level.I have 1,178 sq ft with 2 story but I leave carpet upstairs and on the stairs and tile the main.Don't pay high prices.Be patient and turn over rocks to find the great deals.

To all of you I just booked a flight, be there Oct 15 and leave the 19th in the morning.

I think its a great opportunity since I saw how well they took care of their place and got the feeling they didn't want to leave but am also scared to run into any pitfalls that are unforeseen with this investment.