I agree with Zach, most loans at $20K are typically put on a credit card or borrowed from family.

That sounds fairly typical.

Typically, second mortgage lien holder will foreclosures when the sale proceeds will cover both mortgage debts. 

That is typically a good indicator of a distressed seller/property.

For that we typically look for his/her income to exceed 3x whatever the monthly is. 

This is the typical Japanese mindset for properties in Japan.Tokyo which is where I live is a different ballgame. 

Great comments above, a condo just adds another lawyer of DD that a SFR typically doesn't have.

Just wondering whether people typically use Quickbooks (or other accounting software) just to track rental property income & expenses, or the whole shebang such as:- Down payment/closing costs- Assets - the property itself, plus other fixed assets- Liability - the mortgage- Depreciation- Equity

I typically figure 7.5% of rent each for repairs & CapEx.

Anything above $200K is typically sitting on the market longer with fewer showings.