Rents usually go for $800-1000+!

My advise to anyone usually is:1.

I know people who have 10+ houses that they bought and now manage - usually together with a private lender. 

@James Kojo bigger deals yes (although you usually will need to sign an NDA beforehand).

I was trying with one lender who said they can do the cash out at the beginning, but then after reviewing my 2016 tax return, which claim a loss on a K-1, they said they can not due to the debt to income ratio would not qualify (comes to negative..).

In today's very low interest rate environment, something in the 6-8% interest rate range usually works for both parties.

Asbestos wrap usually appears a little thicker - this could just be paper and mastic (of course, the mastic could contain asbestos).  

The loans are usually short term (6 months). 

@Lindsey Iskierka with a commercial loan or portfolio loan, I'd imagine you'd be looking at minimum 5% interest rate, and with even small multifamily the "60%" can apply, so it sounds like negative cash flow of around $1500/mo.  

There is a BP meetup on the last Tuesday of every month that usually has a good turnout.