Some buy their property in full and want to see hig cash on cash returns (calculated by dividing the cash flow (the net operating income) (before tax) by the amount of cash initially invested). 

I bet that was an awesome trip!

I bet you can do it.

Next, your best bet on a SFR package is with a local bank as opposed to one of the larger national ones.

I think selling and using the 1031 process to leapfrog into a few solid SFR rentals would be your best bet.

I just went into contract with two beautiful SFH in good suburbs of San Antonio, TX for approx 220k each, and need loans of 120k on each of the properties.I've never taken out a private money loan before, and am very nervous about finding a company that is genuine, as I've read the tales on the forum here, and also have Googled one company and read the many complaints about how these scam operations work.

Sure you may get some business from it but operating off of fear and not allowing other professionals to come doesn't make it look like you are coming from a place of giving. 

The formula(s) would look like:Potential Gross Income (PGI)  = full rents + any other income at 100% occupancyminus Vacancy & Collection Losses (8-10%) is typically usedequals your Effective Gross Income (EGI)Then you subtract your operating expenses (taxes, insurance, management & legal fees, repairs, utilities, lawn service, pest control, etc., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

Repairs and maintenance costs made AFTER the property is placed in service can generally be deducted as operating expenses in the year the costs are incurred . 

I haven't run the numbers on a SFR, but that may be your best bet with the budget.