The rents are income, in the eyes of the bank.  

I will keep an eye out for a better deal with the duplex idea.

Some of the HML in NJ try to pluck your eyes out on points and rates. 

Just a beginner here, but I'd make sure to keep an eye on the number of buildings, 36 units/6 each = 6 separate buildings, definitely an overall higher expense rate than a single 36 unit building.

I have lousy eyes, and can't read the tiny font stuff anyway!

@Brent Coombs,  now is hard money considered cash in the eyes of Fannie Mae?

The materials vary but labor costs vary as well.I usually assume $10 dollars per sqft (interior livable sqft) on a very light cosmetic rehab that would only be some flooring, cleaning, paint, change of plumbing fixtures, possibly some appliances, and kitchen hardware, along with some new trim).Once we get to redoing the trim and doors and new kitchen it can get up to 20-30 dollars per sqft or more depending on the grade or level of work you're doing (low end, mid end, to higher end area).Most of my experience has been with upper low to mid range rehabs and rental grade rehabs focused on getting the highest rents, with the most durable materials I can find, delivering the eye candy, but not over spending either.So I guess for you it will depend who  you're catering your rehab or repairs for.

A few (and some more) performing notes in a Roth IRA account wouldn't hurt once we get the hang of it.I know you know what position you are after, but could help you in the eyes of others to narrow down what notes you are looking to acquire based on location, price range, % of UPB, owner occupied vs non owner occupied, condition of property, built of property, collateral (land, SFR, mobile home).Maybe you can pick a few states and locations and get it know the location; read up on the local market, any recent laws, redemption period, foreclosure times.I did the above and I believe it would help me cut down looking at assets that aren't in my highest interest if I were looking at multiple assets with little time to put in an offer.

If you have any questions or comments, or if you need a second set of eyes on a deal, just give me a shout..

Whitson Gordon (non BP Member)Pros: Basic is free with 60 MB of new uploads per month and sync across 2 devices Cons:Not designed for real estate Cost: $34.99 for Plus with 1 GB of new uploads per month with synch across all devices $69.99 for Premium with 10 GB of new uploads per month with synch across all devices and more featuresTrello - A Trello board is basically a web page containing lists laid out horizontally on the page so you can get a bird's eye view of your project.