The rules... you NEED to cash flow 2K/3K a month. 

@Charlie DiLisio, those are the exception rather than the rule.

-- Use 70% rule (30% off appraised value)-- Take the contract and discuss a deal on the house (do I really need a downpayment?)

Often their license is under restricted status when get caught being a liar or un-professional.  

-- Use 70% rule (30% off appraised value)-- Take the contract and discuss the deal on the house (do I really need a downpayment?)

It would be nice to share ideas.A few more specifics: - I’m interested in single-family or small multi-family dwellings in A or B zones- The closer to the West Coast the better, but that said, I’d be willing to go all the way to Nova Scotia if that’s where the math works best...ideally I’d like to follow the one percent rule - Random detail: I’m actually a poet looking to support my writing habit through sound investing.

Now, I've got my agent bringing me mls houses, but the numbers are not matching my excpectation (1% rule)Now, I'll be staying for a month, so I'm telling myself I should try to partner on a rehab project.

If you bought it at whatever price you're thinking about, would it hit the 1% rule?

@Andrew Assman good luck on your hunt, I have looked at every  MLS Multi Family deal that has come on the market and the numbers just haven't worked based on any of the rules and just manually calculating via my own spreadsheets etc to get a return. 

I thought those revenue rulings you mentioned were superseded by more recent Treasury regulations (TD 9107).