Another gotcha is if you the landlord pay utility bills for the tenant included in the rents.You could have no water leaks and the utility company decides to go up 10% on the per gallon usage rates for water and sewer now that they think the economy is doing better.

We're looking at:$58k purchase price$20k renovation$100-110 ARV$850/month rent.After monthly expenses that leaves me with roughly $160/month on a $35k investment (850 - 50 for insurance -100 Taxes - 85 for vacancy - utilities.

However, Reg D compliance actually protects the issuer as it is a safe harbor, the issuer utilizing a non safe harbor private placement exemption subjects his offering to interpretation by security regulatory agencies.All this is of little concern to the passive participant as long as he obtains full disclosureWhat is of more concern is the licensing, if any, needed to broker, manage, and service notes.Purchase of existing notes, whether residentential or commercial requires no license.

@Marty Hietsch Its north of Boston I'm not sure if that makes a difference, but yes PM me and I'll send you my number@Chris Weaver Its raw land with no utilities or sewage, but theres quite a bit of land so I think multiple houses will likely be built.

Taxes, insurance, vacancy, repairs, CapEx, shared utilities, lawn care, snow removal...At the numbers you provided, you are looking at a potential Cap Rate of 11% (assuming 50% of Gross Scheduled Rent goes towards expenses).

You can use a utility knife to cut. 

Utilize your VA  loan and purchase a multi-family property (preferably a tri/quad plex, anything more than that and you cannot use your VA loan) Live in the property for  at least 1 year (to satisfy VA requirements), while the other tenets pay your mortgage, but SAVE that money you would be paying towards the mortgage.  2.  

I've read in some forum discussions the downfall of multifamily real estate that lacks utility submeters. 

Each unit has its own electric ht/hw, so tenants pay their own utilities.

From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code.