My understanding is that most banks like to see two years of the asset performing as a rental before they see it as an asset and not merely as a (good) debt/liability?  

Cash you receive is the net cash after all expenses have been paid, including debt servicing. 

So obviously we calculate this against projected gross rent- minus debt service capex vac...and we receive our cash on cash return %.

Yea, so after about 2 years I still don’t know what even possessed me to go back online and start researching more but I jumped back in .

Your goals and plan usually has that information and the range of each one like positive cash flow, cash on cash return, net operating income that includes debt service payment. the positive cash flow on day one of your ownership, and the items you mentioned, the type of parking and on-site and nearby amenities are very important as well as the first impression of the subject properties. 

@Marina WongI don't really care for debt deals especially on a house flip because even if I am covered with LTV in a recession I can't rent it out and cashflow.I prefer equity deals.

There's debt and there's equity. 

If all the money you have in the world is $30k for example, dropping $30k for a duplex (with some debt) and 5% return is probably not smart.

Maybe investing your $20K in stocks and bonds could be less stressful and won't generate more debt on your side. 

I'm tracking debt collectors license is required and a million dollar bond.Again I'm new, but the advice I received from podcasts ect was to avoid KY due to the high requirements.I know your looking to network with local investors, but with the high requirements in KY you may open your radius up to surrounding states as well.My exact Notes:Kentucky Million Dollar bond requiredAvoid this state for note investingHope this helps.Jeff V