Need him out to sell, will be returning the money and starting the process.

My initial projections based on a buy and hold analysis are:$1550 a month in income(Lots of assumptions here)$904.78 monthly expenses(Including maintenance, management, and the vacancy rate)$645.22 monthly cash flow23.45% pro forma Rate$9240 net operating incomex 50% for expenses equals $775Monthly interest/payment equals $124.78Total monthly cash flow using 50% rule equal $65082.90% cash on cash return on investment30.90% purchase cap rateTotal operating expense $780 dollars a monthAs I stated earlier, the house is close to downtown and the State University.

I'm from there and my properties are there--so if you did need referrals for PMs or contractors or whatever, I have those--but other markets certainly do have higher returns now than Atlanta. 

The rules of thumb I have heard are people targeting a 24% return.

@Lucy ChangIn addition to filing a federal + state tax return - some cities/counties have their own filing requirement.It appears that San Jose considers you to be doing business within their boundaries.Below is a link to their website with instructionshttp://www.sanjoseca.gov/businesstaxYou can hire someone to do the proper filings for you or you can look at the instructions and do them yourself.You should look at the instructions on whether to put yourself as a sole proprietorship or a partnership.

She also should have used a certified return letter to verify that you (the owner) received the letter and were notified of the problem.

Your contract makes it appear as if the tenant pre-paid a year's worth of rent increase at $750 so they could demand you return the unused portion.It would be far easier to just write up an agreement that says the tenant is paying $9,000 towards the cost of a new garage and that the garage will be your property and remain  your property, even after the tenant departs.

They passed on deals in both FL and GA because the rents would not support their all in purchase price and expected returns.....

there was a great BP episode last week with a girl from Saskatchewan who was having great results with BRRR.

My problem with hard money is not the percent in which they take as I find properties with a great return.