Rent - your profit - 10% management - 6.25% leasing commissions - 5% vacancy - 10% repairs and maintenance - 30% Capex (happy to get into why this is is still not going to cover everything) - Insurance - Taxes = Principle and Interest PaymentTake your loan rate and terms (say 3.5% on a 30 yr am) and you can calculate what the refi balance will be.Refi amount divided by 70% = ARV requirement and/or your total purchase and rehab cost, if you want no equity left in dealIf you can find a property to be all in for the above amount or less, it works as a BRRRR. 

If you market and no one is trained to properly answer calls and respond to objections, your marketing dollars are being wasted.

It ultimately creates a discipline.I strayed from that discipline and now am finally circling back after 30 years or so ... getting a later start in making my real estate investment as a business and dusting off some of the old financing principles that got me a degree.You have plenty of opportunity to invest - you can do that while getting an education. 

I would recommend George Allen's books: Manufactured Home Community Management and How to Find, Buy, Manage, and Sell a Manufactured Home Community as truly objective works.That said, if you really want to "own a parking lot", run away from owning communities.

You will still benefits from principle paydown and property appreciation over time.Good luck!!!

This is the foundation to investing well and avoiding the plethora of shiny objects.

@Michael Lettieri The way we would do this here in CO is by writing an inspection objection prior to the inspection objection deadline.

Just be ready to answer the sellers objections to being placed in a 2nd position any other concerns they might have about not getting completely cashed out up front. 

HaI know that I look for my rent to cover all my PITI (Principle, Interest, Taxes, Insurance).

my objective and biased opinion are both the same, SoCal is the best place for a new investor to start investing if you are local.