The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

To clarify, in MN a person must be a licensed to perform at-charge Property Management services, for others, on a standard commerce basis. 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

The first is having a personal portfolio of 5 passive rental properties, not including my residence.

Interest rates and cap rates change, competition changes, your PM ends up being horrible, lots of variables.Just to throw you a monkey wrench, in your killer spreadsheet does it include the credit score, income, and employer of every resident? 

I've personally found the bulk of my Chicago purchases off the MLS.

The better the rates, lenders generally want to see more experience, higher credit, occupancy and DSCR requirements. 

I'd be going to as many in-person networking events as possible...here is a list of the BP events:  https://www.biggerpockets.com/forums/521-real-estate-events-...I have a separate list that is more encompassing that I can share as well!

Since the original loan was apparently for a primary residence an LLC could never qualify because it isn't a person who would owner occupy the property. 2.

I had no idea what Ayn Rand was writing about was a REAL person: Frank Lloyd Wright.