I would start with asking why they want to rent if they have been owning - does their answer make sense?

The list goes on.You can get a sense from that that how you'll manage in a particular area is really defined by a combo of a lot of external things and how you fit your services into the local market, and how to best serve the needs of your clients and tenants.Beyond all of those things, the best advice you can get, if you're serious about building a property management company, is to really think about what systems you want to put in place.

Now question is at what price it won't make sense?

I'm getting a 100k HELOC now and intend to use it for my first rental property purchase, so we are in the same boat.You just have to run the numbers and make sure it makes sense. 

I guess im just asking you all to justify a bad purchase if in fact it apprauses over value and I add a good bit of value to the house it would make sense when refinancing possibly trying to cash out. 

My wife and I were missionaries in the Philippines for three years and our motivation is to generate a residual income that will allow us to go back and start an orphanage.Here's my first question: we are analyzing every property in our area of Monroe MI, and we want to make offers that makes sense according to our numbers on the properties that fit our criteria.

If the numbers make sense you may want to look into a partnership type of situation.

Make sense?

I read Rich Dad, Poor Dad last year and felt that it finally made sense of how money is made.  

It makes no sense to have a top end rental unit in a low end neighborhood.