@Seth - Totally hear you on Austin, but I'm finding even Austin is a bit expensive for land, even.

Pay attention to the level of rehab on these properties a comp that sold that was a total dump is not going to be a good indicator.

The "50% rule" states that one can expect expenses on a long term average to total to roughly 50% of fair market rent, where the expenses include property management fees and capital improvements also but exclude principal and interest payments; principal and interest payments come out of the other half of the rent, and whatever remains is the net cash flow (if any remains).

I am sure his security deposit will be used up on junk and trash removal, cleaning, fixing everything he broke.2) Among the things he left behind were a huge nitrous oxide tank in the bedroom closet and six boxes totaling literally thousands of steel cartridges that say "ultra pure" on them. 

First step is to verify the total due on the loan.

People drive a short commute into the city and it is totally acceptable.

I started investing in 2012 and have owned 3 different rental homes (5 total units) at one time. 

I was thinking about an LLC but still not totally sure if I'll get one.  

Our Financing Contingency ended 5/6, so now we are out a $5k Earnest Money deposit (plus the appraisal, survey and inspection, $7500 total) and don't get this great deal unless we act fast.In short, we provided to income docs for my wife, but our current primary residence is in her name, so that didn't help the DTI much, and we ended up losing the deal. 

Now of course multi units are different than this and every market is different but for the deal I explained above is a total equity refinance play for me in this tough market I’m in.