There are so many nuggets of wisdom that I have learned through the podcast already it is ridiculous.I am currently looking to utilize FHA financing to buy a slightly depressed property (due to mismanagement, etc.) and refi/flip out of it to build capital for a larger property.

Have money but spend it on things nobody needs, sports, boats, cars, etc.

The reason why i am pursuing this career is because my father passed up his own property management company to make sure he never missed any sports games us kids were playing.

I like cap rate & cash on cash return #s a little better than per-unit only because if the owner has to pay for the utilities I can use a 60 or 65% expense ratio instead of 50% (in the quick math department).

It will be well utilized, I promise.Best Regards,Steve Epperson

The church also provides for my utilities and food.

sounds like a good deal, 7700 potential income, you would have about 380,000 mortgage when done (1800 - 2000 / month payments) then figure in your taxes, insurance, maintenance, PM, water / sewer, garbage and any utilities you may pay. keep the current tenants in so you have some cash flow and renovate each duplex and fill them one at a time until you do them all, this will keep your expenses down while building up the income, just let the people who will look at renting the new places that the rest will look the same, so they know they wont be living next to places that need work and not taken care of.

Also technology is incredible, Skype is a great tool to utilize and acts as a face to face with service providers such as title. 

Purchase price: 100kRenovation: 10kI get a tenant to rent it for $1500 and they pay all utilities.

Inspect all of your fixtures before you decided to dance with the utility company.Most municipal water supplies will be somewhere between 40 and 80 psi.