Hang on tight you are likely in for the ride of your life.

Income:$3,800 Gross Monthly Rent CollectedExpenses:Management $380 (10%)CapEx $228 (6%)Repairs $150 (4%)Vacancy $304 (8%)Wind/Hail $200 (5%)Property Taxes $200 (5%)P&I: $1,900 (50%)NET PROFIT = $450-500/MonthCash on Cash ROI: 8%LOAN DETAILS:Purchase Price: $350,000Downpayment: $70,000 (20%)Amortized Over: 20 YearsLoan Interest Rate: 5%Income-Expense Ratio: 1.08%Gross Rent Multiplier: 7.68

I hail from the mortgage industry (MLO) and have been interested in Real Estate for a long time.

My current home owner insurance did not do jackshit when my roof broke down due to hail (which is covered under their policy). 

Because I had (almost) a full ride to a private art school and I ended up going to jail, and I always told myself I ruined my entire life by doing that.

You will be able to ride on the other 5 units rents and when you are done with the one you can move on to the next, and ride an even larger cushion of rent.We did this on a 4 unit.

Notice I have never tried to correct you on our inherent problem. yup one of my homes that's was the case poorly built.. and in Texas were no licenses were or are required.. this happens.. and guess what those are usually the distressed homes.. this market for fix and flip in my mind is for the local pro's I got my butt kicked and will never go back.. and then when your fooling with these homes.. the tax's pile up on you.. and then of course when your just about done you get hammered by a hail storm and have to go through roof replacement..  

One of my clients is opening an office there, and it looks like a good chance to grow with his company while also dramatically reducing my living expenses (and getting to ride my bike a lot more).My Real Estate Interests, Experience, and GoalsI don't have any experience investing in real estate.

I mostly drove around and looked at neighborhoods, but it felt like more of a pleasure ride than good research. 

If the sponsor is good and the deal is good, worst case you ride out a market cycle and collect some cash flow while you wait longer than planned for your capital back.