To put that in perspective, I just bought a 10 unit in a super desirable hip area of Houston (Montrose, named one of the top 10 neighborhoods in the US) for $810k. 

Every day you'll see a fresh ad of mine on Craigslist. 

The loan was only 86K however the down payment and monthly payments are intended to be the only costs I have to front from the HML lenders perspective.

I decided that my "standard" is much higher than that, and I decided I would not buy a property to rent unless I would be comfortable living there myself.I found a 3-bedroom, 2 bath single family residence that has been recently updated and is clean and fresh. 

When the down payment is 50k, this is a proportionally significant number.From a ROI perspective, I would like to bundle all these "startup costs" along with my down payment and closing costs into a lump sum (call it "acquisition cost") so that I can compute my cash on cash ROI.But this is in conflict with how the IRS will treat them -- as ordinary expenses.Besides not having a good picture of how my P&L is actually doing, I would like future lenders to see the higher (actual) profit, not a poor first year because of the startup costs.

So those questions will be deal dependent, but think from the seller's perspective.

When I was back in Memphis, which has a lower cost of living than Atlanta, they were assigning fresh out of college, entry level accounting grads (most which didn't have a CPA license yet) a billable rate of  around $150 an hour. 

Call me crazy (as some already have) but I wish to instill my perspective and the vision that I have planned for my future on those who happen to cross this post.

From a quality perspective, I think you will find better tenants in Groton and better parts of Norwhich but your cash flow will be better in New London.

This great 2BR Condo in Briarwood has spacious BR's, fresh paint, covered patio with steps to pool, laundry and storage spaces are just a few steps from condo front door.