Thanks,Kevin-------------------3 Bedroom/1 bathPrice: $37,800Annual Income: $8400 Gross ($7728 with 8% vacancy)  Tenant in place @ $700/monthAnnual Expenses:Prop Taxes: $675Insurance: $320Maintenance: $840CapX: $500Total expenses: $2195

You become an employee and company buys ins with pre tax dollars...along with many other things :) 

You can then start saving up for a down payment on the next deal, at which time, the lender will allow you to add 75% of the gross rental income when underwriting your next mortgage, which will enable you to increase your price range, if necessary.

According to title 17, it looks like you are wanting to be in one of the following districts:  RT, Residential Two-Flat, Townhouse and Multi-Unit Districts.RM, Residential Multi-Unit Districts.These are further classified by lot area, and floor area ratio (floor area of the building divided by the total gross area of the zoning lot upon which the building is located).

But in general the 2% rule is simply put, if I pay 100k for a house then I should want 2k gross rent?

The typical banks could care less, the employees are lazy, red tape, I have 800 FICO score, I would never get loan through traditional bank again.

Plugged it into the spreadsheet, here's what I came up with: Assumptions (pulled from the linked sheet): -Purchase Price: $133,000-DP: 30% -Rate: 5%-Term: 30 Year-Closing Costs: $3700 (National average, will depend on your loan and deal)-Insurance: $2616.00/yr-Taxes: $2100.00/yr-Repairs, Management, Utilities: ~10%/yr (Roughly 3% repairs +$3750+$6000)-Gross Income: $2650- Appreciation rate of property and rent increase rate both equal inflation -At sale, 6% realtor fees + $1000.00 in other fees (probably not enough) Results (assuming you hold for 5+ Years):-Cash Flow: ~$4600/yr -IRR: 13%These aren't terrible numbers, but they're not amazing either.  

they are hired on as employees with the title of repair tech.  

GL covers the bodily injury or property damage you (as in the owner of the property) are found legally liable for towards a third party which is not your agent, employee or contractor. 

All it says is that, on average and across lots of units, long term, about 50% of gross income will be used to pay for expenses, rent loss and capital costs.Whether you will be able to find good deals in your market is completely independent of the 50% Rule."