I would now cash flow $1,238 a month on this duplex.

I advertised my first vacancy on Craigslist, which is also where I may have (memory on this is rusty) found my second property, ~two months after buying my first.It took me a few years after starting to invest locally (as a landlord) to meet someone who had been doing that for longer and in multiple markets.

The problem I have with your assumptions is you are suggesting he buys a $400,000 property and gets $3,000 per month rents.  

I had a contractor that I had to fire last month for a multitude of reasons (using my materials on his other job, extremely substandard work that has to be redone by someone else now, not paying his subs,  lying about work being completed that was not actually done, etc).

Deduct your late fees from the amount paid the following month.

We informed our tenants about the possibility of building two ADU's in our property about 2 months ago. 

After closing, my first orders of business were to swap out the toilet ($130) and install a new and significantly nicer shower head ($30), which solved both of their problems. 

TC: They are working through an issue and next day deposit should be available next month.4.

The challenge that many borrowers run into when looking for larger equity lines with limits  of $250k+ is that they typically require full income verification (not always bank statement and DSCR exist) with lower DTI ratios (43-50%) however although the repayment scheduled is based off a simple interest only payment, (usually a 30 year amortization schedule with the initial draw period of 5-10 years) the qualifying rate is based off of the converted twenty year amortization schedule (240 equal installments) of the payback period.

Have a property (new build) in North East SA, rented for a year & unable to rent for almost ~10 months now, selling in this market would incur > 100K loss as impossible to compete with builders.