Partnership returns are analyzed differently and the depreciation is added back in on the income. 

What are some good ways to analyze whether my area is a good market or a bad one.

@Jaysen Medhurst, numbers will look like this:$40K HELOC (assuming the current 3.75% doesn't wildly in 15 years)5 years @ $134/mo (draw)10 years @ $405/mo (repayment)$40K Cash-out Refi (does not factor in the closing costs, currently looking at my current mortgage bank and personal credit union bank)$331/month more than my current mortgage paymentI will be walking through the properties tomorrow to get an idea of maintenance/repair costs and other details, after that I will analyze the deal closer to see what kind of income I can divert to repaying the HELOC back sooner.  

I know these expenses are analyzed into the expenses prior to making offers BUT its only on a monthly basis and just starting out saving for these operating expenses, there are NOT enough funds saved yet.

This field will need to analyze what is important and consistent in this platform.

While I agree you can’t “rely” on appreciation and can not lock in some quantifiable return of it, if your strategy is wealth building over long haul as opposed to cash flow, you certainly can invest that way and get some “estimated” or proforma returns analyzed.

@Alfredo Franco I second everything mentioned above but would also add to start analyzing deals.

Yes, at first it is information overload, but just keep learning and practice analyzing deals.

I know these aren't the best for finding deals - but I have been practicing analyzing them. 

The realtor is working on getting the operating cost of these properties and an asking price so I can analyze the numbers.  19 of the 20 doors are currently rented.