Then landlords tried putting a cap on the utility bills, for example: anything over $300 tenant pays, but students didn't like it because they thought everything was included and now they're getting a random bill which they didn't budget into their expenses.

Doesn't look too bad depending on how accurate your expense number are.

I am working on doing some wholesale and flip deals in SoCal as well, a little further East of you where it's not quite as expensive...

This has all recently changed in the last couple months and I wish I began sooner because I've learned a ton.My goal here is to network with other investors and wholesalers, learn from success stories and/or failures, hear about what other people are doing to find deals in expensive markets like mine (Boston), and hopefully I can help others out as well.Looking forward to connecting with more investors who share the same goals and investing interests as me.

I ran the numbers on all 5 properties together and this is what I got:Monthly Income: $6,050.00Monthly Expenses: $4,887.45Monthly Cashflow: $1,162.55Pro Forma Cap Rate: 7.28%NOI: $29,862.00Total Cash Needed: $174,000.00Cash on Cash ROI: 8.02%Purchase Cap Rate: 10.74%Down Payment:$31,000.00Loan Amount:$247,000.00Loan Points:$0.00Loan Fees:Amortized Over:30 yearsLoan Interest Rate:5.000%Monthly P&I:$1,325.95I over estimated for repairs and other fees and underestimated cost of rent.

FYI I'm in Massachusetts where everything is expensive.

Can this direct mail expense be attributed directly to the purchased property in some form as an expense?

It makes it a lot easier to split 50/50 on things like expenses, but still halves our individual requirement for a down payment which means I can get into the market in half the time.I am eager, of course.. but that doesn't mean I am eager to just buy any old property and expect a return.  

With student loans and other expenses, I was hesitant to take the risk.So, with the BiggerPockets and my independent research, I see that wholesaling is a great way to gain capital, which would help with my startup.

You will also know how many days you must return it by and what evidence is required in order to deduct the expense (receipts).Also in future purchases with inherited tenants, you will want to ask the current owner for their payment histories, estoppel certificates, etc.When it comes to working with tenants you inherit, you often have to retrain them.