It's not in the greatest location but something we believe we can market because of multiple factors including the fact that it adjoins to a city park on one side that has nice amenities and on the other side it has 3 ingress/egress streets that deadend on the property line with utilities that follow. 

Purchased a multiunit - 3bd/1ba & 1bd/baCost: $490,000Down payment: $200,000Renovation Budget: $70,000Mortgage: $2100/month - 30 yr fixed @ 4%Expenses: $190/Month (Utilities, upkeep, and administration) Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)Profit: $1600-$1710 a month depending on utility costsTo keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc.

I’ve worked in the restoration industry and trust.

The houses are sold with no electricity or water and I can’t hook up utilities prior to buying.

She has little income, so I would essentially be paying the entire mortgage, insurance, taxes, etc... while she helps with utilities.

Buy your personal residence with 3.5% down then utilize your other 9 25% down mortgages on 1-4 unit properties.

Tenants will be paying there own utilities).

For me this is a neat place to share knowledge and information with others in the industry... whether they are new or very experienced. 

So here is the scenario....Utility bill comes to my address (these specific utilities are in my name), I pay for them so that they are on time with no late fee.

One other thing to keep in mind after you purchase...if you are looking to refinance the property to stabilize the rate/terms, you will need a 2-yr history of being a landlord to utilize the rental income to qualify for your new loan.