Rental Monthly Income $4,800.00 (8 rooms x 600) ------- 4800 x 12 = $57,600.00 Monthly Gross Operation Expenses Mortgage950.00 Taxes191.00 Insurance 166.00 Maintenance Housekeeping 216.00 Landscaping 60.00 Repairs 10% - 480.00 Operational Electrical 350.00 Water 150.00 Cable/Internet 150.00 Reserves 10% - 480.00 Total - $3,193.00 Annual Gross Operation Expenses Mortgage11,400.00 Taxes2,292.00 Insurance 1,992.00 Maintenance Housekeeping 2592.00 Landscaping 720.00 Repairs 10% - 5,760.00 Operational Electrical 4,200.00 Water 1,800.00 Cable/Internet 1,800.00 Reserves 10% - 5,760.00 Total - $38,316.00 57,600.00-38,316.00______________NOI $19,284.00 19284.00/46,000.00 (down payment) = 41% Cash on Cash Return (CCR)

@Engelo Rumora I totally agree!

Hello, I would agree it can be done and totally legal.

It seems to me that getting the right team in place and making sure your numbers (total acquisition costs, rehab budget, ARV, COC, ROI,etc) work out are the main things to solidify here. 

Financing was 90% LTV through a local credit union.The SFR that we moved out of was NOT purchased with REI in mind and I would purchase it totally different today than I did then, BUT here are the numbers: Purchase price was $202,900 and it is currently renting for $1,575/month.

It allowed me to take out a percentage of total balance with out paying it back for the purchase of my primary residence

The 21 units to about 75 units is the no man's land where it's too big to self manage but too small to be totally passive as not enough cash flow is present.

How much was your duplex for total?

I have been looking for people to network with and have not had luck till i found BP via online podcast.  

The Independence City Council meetings are broadcast online at http://www.ci.independence.mo.us/City7/VideoEvents , but I don't think there is a way for people to ask questions remotely.The meeting is tonight, 6 September, at 6 PM Central time.Matt R.