Just a suggestion to investigate the bigger multifamily....lot of folks (including myself) wish they would have skipped smaller stuff and gone straight there.

Still fresh into this thing, trying to get involved.

Like you said in that water bill is something to investigate it will eat up all your profits.

A good one will be worth the 8-10%, and SHOULD be able to do better than you would if you were personally managing through the advantages they have due to expertise and economies of scale.Spend your efforts investigating turn time, vacancy rate, and maintenance costs with each management company.

Lenders would want a fresh report to make sure you didn't take out a bunch of loans in the past quarter.Regarding rate shopping, your lender shouldn't need to run your credit to provide you a rate quote.

I am sure if you look at what Memphis invest is doing - they are probably buying these wholesale for 50k a door, spending 10-20k on a fresh coat of paint and carpet and then marketing them as turnkey to out of state.

Doing more research and investigations and analysis.

I am investigating 2 preforclosure properties in CA with this exact goal. in CA I have been advised that not only does the property require the zoning, but the operating business needs proper licenses.

Shortly thereafter a fresh new crop of agents march on in,  only for their dreams to be slaughtered by the end of the year.As for investors.

I once transferred money from my savings account to my checking account to write a check for closing costs at the same bank that was financing me and they held my money and delayed closing for like 72 hours because they claimed it through a red flag for fraud and they needed to investigate where/how I got the money.