With a simple MLS search you can identify what similar properties are getting in rent.

I didn't know anything about real estate just the simple fact that I did not want to keep paying some well else rent.I actually ended up purchasing the through auction.com and had no idea what I was doing. 

It's a pretty simple form to fill out.Questions like these should be asked of your accountant and/or tax professional.

There's obviously a lot that goes into it, but generally speaking it's a pretty simple business model...with somewhat foreseeable results. 

@Bob MetryYour question was not really answered here, and for a good reason: there is no simple answer. 

Need a simple answer from my experienced multi-family investors. 

Bought my home Dec31 2020 in Van Nuys, CA (Los Angeles) for $586k. (5% down, 2.99%)Seeing very similar homes in my neighborhood (with even worse specs/curb appeal) going for high $800+ as of 2021.Not ready to move on yet, but just trying to plan ahead, as I'm considering relocating outside of LA in the next few years, and will need to capture some of that appreciation gain to make a healthy downpayment on the next home.

Property was in really rough shape, dog/cat smell, horrible listing photos, overpriced but was a simple brick ranch on a slab How did you find this deal and how did you negotiate it?

This is not as simple as knowing what the current market after repair value of the house is.

There are different approaches based on your needs; if like me you have enough for down payment but Debt-To-Income DTI was to high (and mortgages are held in personal name) a refi to a commercial loan is a simple process and you don't have to take on anymore debt on that property, if its saving up for down payment is the concern then a cash out refi or HELOC might be a good route for you.