People drive a short commute into the city and it is totally acceptable.

I started investing in 2012 and have owned 3 different rental homes (5 total units) at one time. 

I was thinking about an LLC but still not totally sure if I'll get one.  

Our Financing Contingency ended 5/6, so now we are out a $5k Earnest Money deposit (plus the appraisal, survey and inspection, $7500 total) and don't get this great deal unless we act fast.In short, we provided to income docs for my wife, but our current primary residence is in her name, so that didn't help the DTI much, and we ended up losing the deal. 

Now of course multi units are different than this and every market is different but for the deal I explained above is a total equity refinance play for me in this tough market I’m in.

10% of total renovation budget is a normal contingency balance. 

The use of a legal document that relieves you of any responsibility and the fact they are totally responsible for anything related to it would be a good thing to have. 

With 20% down total monthly expenses (taxes, insurance HOA, P$I) payments would be approx. $1,500/month. 

Property/Deal Profile General Guidelines Purchase Price 700,000 1 Percent Rule (%) 0.857142857 Down Payment (%) 3.50% 50 Percent Rule 3000 Down Payment ($) 24500 Cap Rate 8.214857143 Interest 4% Cash-on-Cash Return 26.73744578 Term (years) 30 Loan amount 687,321 Income Cash Flow Rental Income 1 2500 Total Monthly Income 6000 Rental Income 2 3500 Total Monthly Expenses 5075.33 Laundry Income Storage Income Misc Income Total Monthly Cash Flow 924.67 Total Monthly Income 6,000 Total Annual Cash Flow 11096.04 Expenses Cash-on-Cash Return Taxes 750 Down Payment 24500 Insurance 58 Closing Costs 0 Water/Sewer Rehab Budget 30000 Garbage Misc Other -13000 Electric Gas Total Investment 41500 HOA Fees Lawn/Snow Vacancy 200 Repairs 200 CapEx Property Mgmt.

Total income and the breakdown of the income8.