So "running the numbers" for me looks like this:123 Main Street is a Triplex that pulls in $5,000 per month in total income.

Main thing now is to develop your rehab plan.

Mainly that ifyou will be limited to the amount of….Your purchase price + closing costs (costs when you purchased the home) OR....75% of the “After Repair Value”…WHICHEVER IS THE LOWER AMOUNT (super important)

Another contractor that my neighbors rave about in Davis County is the Walsh Factor - Chris Walsh.

There are so many factors which all realted to calcualtions.

Unless he feels like he would be uncomfortable living far away from his properties or is looking into a more hands-on type investment, there are many many other factors in choosing an investment market that trump whether or not he wants to live there. 

Things like zoning and section 8 ratios can play a factor.

Although we'll be losing a good chunk of cash in doing that, our "debt to income" ratio will no longer be a factor (negatively) and possibly get us better loan conditions.

HOA is mainly guy from low level unit.

@Jennifer Kobasic I think the deal looks like it will cashflow as you mentioned, but if you're in it for the returns it seems you'll get about 3% cash on cash return with 20% down (assuming you do zero repairs/upgrades) - and probably more like 2 - 2.5% when factoring in closing costs (others correct me if I'm wrong please) - I think most investors look for 7% or more cash ROI though.