I will say, its doubtful that you will find anything that will actually support a 5+unit building on a single lot in New Orleans.

Sounds like you'd be doing better than the 1% rule and could potentially have a small down payment.

Generally, these will be lower income neighborhoods which already had problems.BUT, for those neighborhoods which had a strong support base and higher incomes, they could afford to have a volunteer Fire Dept, hire private security to drive the neighborhood, and keep the quality of their education for the kids up via private schools, which are generally expensive.When the down turn happens, richer families which sought to save money and chosed to live in the lower income neighborhoods, find themselves leaving the lower income neighborhoods and moving to the safer, higher income neighborhoods.

@Dillon Seal yes it is certainly legal but the lender has to comply with much more strict rules if you are going to live there.

I try to pay attention to the rules, but a couple of times I've stepped over the line of "self promotion" without really thinking about it.One of the best parts of BP is that they don't allow spamming. 

That's a written warning to the tenant that includes notice they will be charged for the excess garbage and a reminder of the rules/policies/law.I don't know the whole story but it sounds like you're paying 12% for a 6% manager.

However, if your tenants start violating HOA rules and you (the owner) gets fined..there goes your savings!

However, I think a potentially serious logic error make be in the Wholesaling Calculator (which is needed and should be maintained).For example a rental wholesale can be measure by any one of the following:- Cash-on-Cash (cash purchase)- Cash-on-Cash (loan purchase)  **note: I have not figured out a logical approach to this one yet- Cap Rate-with-Purchase (NOI, 50%-Rule for expenses, and market rent [cash purchase])- Cap Rate-with-Loan (NOI, 50%-Rule for expenses, market rent, Cap Rate, and debt coverage [leveraged purchase])I have a rudely designed spreadsheet to do all three (3).

We would ideally like to work nights/weekends until we had enough funds to support doing this full time.

You can let them stay the month and get a consent judgment to hold in escrow if they don't vacate, but not sure of the rules in your state, you would have to check with a local attorney.