This can lead an inexperienced investor to trust the pro-forma numbers as it will have many things listed that they did not think of.The folks here at BP are priceless when it comes to evaluating those pro-forma numbers and pointing out where the estimates are low, or where things like 'owner-paid-utilities' have been left out.The more I read here, the happier I am with my analysis-paralysis and inaction thus far.

My hunch is that you may likely be overestimating your expenses considerably for the first few years assuming 50%, but in the long run you'd be happier that you did once the rehabbed property begins to age and experience unexpected issues (i.e. bad tenants, repairs, etc).

You don't start out saying I'm going to do xyz, or selling T-shirts at NASCAR events.What you do is dependent on your market, always has been, always will be.Then you need to know the market.To do that you need to understand the valuation process.To do that you need to understand why properties are valuable, understand location and use of properties.If you are going to buy or sell, you need to understand financing.One thing leads to another, you build on basic knowledge before you can ever select what is possible, probable and unlikely in your market.I suggest you find what you love and do very well at it, you'll be happier and the money will come.

I have a vacation rental in Naples and couldn't be happier with it as it was not pure cash flow purchase but a way to offset cost of a vacation home.

The sooner you figure that out, the happier you'll be.Best of luck!

One of the owns about 50 units and couldn't be happier.

Sounds a little odd but if the viewer decides, yes it's a bedroom, they are much happier with the configuration and I hear much less "you call that a bedroom." 

they will be happier and it might be a win-win.

If you're happy, you'll be happier.

@Scott Bishoff ,My first purchase was an owner-occupied 4plex with an FHA loan, and I couldn't have been happier about the results.