So if all lots are rented total yearly rent = 300*12*35=$126,000Estimated expenses, let's say  35 % of gross rent $44,100Net Income = $81900at 10 Cap $819, 000  (Cap rate depends on the area, capital improvements required etc) 

@Daniel Tisdale I am in Austin (Lakeway to be exact) and I can confidently tell you that I do not invest here.

I watched a video which helped explain some of the numbers, but I still do not feel confident in what I am doing yet.

I watched a video which helped explain some of the numbers, but I still do not feel confident in what I am doing yet.

We started with these goals:Business partner wants to retire in ~6 years.I want to retire in ~20 years.We want to have $120k in cash flow by year 6 and $600k in cash flow by year 20.After buying and improving each business or property we want to outsource management.With these goals in mind we came up with a plan to invest $220k per year for the next 5 years ($1.1m total excluding capex), purchasing one passive income business (apartment building, storage units, ???)

After listening to a lot of people on the pod casts find success through BP from all over the country I'm confident that I will make it work for me as well.

I'm confident that the deposit that was given to me before he moved in won't cover the years of wear and tear on the flooring, paint, overall upkeep, etc.  

AND you'd have no right really to go in there and disrupt the tenant's lives to improve the units so you could get higher rents or sell the property for a premium.

Right now, it's all about trying to build a rock solid foundation, and with the discovery of this site, I'm feeling confident that I have the right people in my corner.Thanks again for the advice.

We wanted to put our daughter's name on the title along with ours, so we waited to close until just after she turned 18 and was legally able to sign paperwork, closing in February.With help from our Michigan-based contractor, who lived in the house while working on it, we converted the 1st floor back to residential use, adding a large 6th bedroom with walk-in closet, another full bathroom, a study room, and a living room, and made a myriad of small improvements.