You need to make sure condo rules do not state only a certain percentage can rent out the units they own.You might want to wait for a property that has less (hair) on it as we say in the business for your first one.

The game rules change and start making real sense starting around 65+ units, depending on the usaulal factors of course (location, demographics, jobs, companies, amenities, etc.). 

My initial impression of the 2% rule was that this rule was just that the rent should equal 2% of the purchase price.

As I look at the current asking prices and run numbers, I am not finding anything that makes sense. (1% rule is not happening and cap rates are like 4.25%-5%)I am new to this world, haven’t made a real estate purchase yet, but I am interested in meeting people in the space and learning as much as I can.

I would use the 70% rule as a rule of thumb.

The game rules are more advantagous once you get over the four-plex mind barrier.

@Joseph Lynch III If you purchased the property FHA, relocated to another state, and then are relocating back you might be able to get an exception to the 100-mile FHA rule.

I'm in the growth stage and I need leverage until I'm at the end of the Fannie Mae 5-10 rule (I'll keep going if they lift the rule or push it further). 

Thanks for the valuable feedback again @Chris Seveney, @Paul B. and @Jay Hinrichs.If I decide to do this with another partner (friend of mine) but no syndications is there a need to have the PPM and be compliant to SEC rules.?

The "plaintiff" claims they are following the rules but everyone else isn't, reduced income, ordinance violations, etc, etc.