@John Aaron I'm guessing that you might be using the 2-T (NC standard contract), which includes default language that the contract cannot be assigned.

The Mortgage would be around $3587/ month including insurance, taxes, Mortage insurance.

Have bought hundreds of property at auctions, including the first property I bought (detailed in Bigger Pockets Podcast #82) and the very first thing is you have to know value. 

Based on the costs of infrastructure, water, sewer, electric, roads etc. a investor will be deep into debt for a long time before lot rent will even come close to covering debt servicing. 

Cash-on-cash return = Cash_Flow / All_In_Cash_InvestmentYour formula is calculating NOI / All_In_Cash_Investment, which completely ignores Debt Service and Capital Expenditures.Better you make these adjustments now in a spreadsheet, rather than later on in your bank statements!

I've got my eye on crunching numbers with the Debt Service Coverage Ratio (DSCR) to keep ahead of any potential market dips.Cheers,Keeya

It probably doesn't include income from the 5th or 6th unit if it's supposed to be a loan for 4 units right?

Management company said they had an applicant that applied and they were in the middle of reviewing the applicant and therefore if they “approve” we have to use them and then they will give us management.As landlords, we just received lease to sign and there are some addendums we want to add for our property to protect our property etc. if the management company refuses to include some of our requests for the lease, does this give us an out to not have to sign the lease???

Both of these have drafted up sales docs for the State I bought in, to include the contract up front.

I pulled up homes on Stetson Cir 95691 and a 5 bedroom 3 Bathroom 2,377 Sq Ft. home is quoted on Rentometer as $3,218/mo average with a +/-2% range on a 36 mo look back and 1 mile radius - the radius is important so as not to include Land Park homes across the river.