You are among very intelligent company here on BP.Please share your success along the way.Here's my advice: Buy as inexpensively as you possibly can.  

Management companies know who to call and how to fix things quickly and inexpensively (at least, mine does).

Your number is lower, which may mean you can come up with more than $828 a month in expenses, vacancy and capital.

With this type property I'd shoot for a buying price of < 33 times monthly rent, or an offer of <$137,280.I see about $36K in expenses and that's without vacancy or management costs.

I.e. people who need to sell a house, a woman going through divorce who's alimony isn't finalized and old house needs to sell, two people with great jobs and income but who can't front the move-in expenses (which raises red flags ... if move in expenses are a problem sounds to me the person is living paycheck to paycheck which even w/ good credit means they are one job loss away from disaster), couple people who say they want it but don't want to move in for a couple months etc.  

I keep seeing scenarios on leveraging money, but they don't always factor in expenses like PITI.

I did add a Million $ umbrella liability insurance policy that was ridiculously inexpensive...less than $100 per year, I believe.

Here is a primer, and your state laws have to be looked at.http://en.wikipedia.org/wiki/Real_estate_contractThere is an inexpensive book on creating contracts w a CD Rom.http://www.amazon.com/gp/offer-listing/1572485280/ref=tmm_pap_used_olp_sr?

Breakdown: 5% call you back: 150 callbacksgo see 33% of callbacks: 50 properties seenbuy 20% of properties seen: 10 purchased propertiesunit cost: $208.40 per purchased propertyvs. agent: 3% of purchase price (usually to the seller, but still affects purchase price)After reviewing these numbers, I am simply floored by how inexpensive it is to do this.

Also inexpensive.