Let's PM to coordinate a place and time.As far as your friend's place, in those numbers there is no room for capital expenses, regular maintenance, utilities (in NY heat and hot water must be supplied by the landlord), or vacancy, so I wouldn't consider his cash flow to be $300/month.

Doug,Sounds like a great opportunity if good PM's are in short supply in that area.

They have no motivation to supply that to you.

The rental demand is very strong right now and acquisition prices are still fairly low, but the supply of bank-owned / foreclosure properties has tightened up a bit over the last 6 months.Have you looked at particular sub-markets?

Demand is quite a bit higher than supply so the "one month fee" has been shifted from landlord to tenant when paying realtors. 

Looks to positively cash flow, rent demand outweighs the supply considerably. 

We are more like silent partners that supply funds.

You hardly ever think about your water supply.

You manage and look after it, your partner supplies the money, and you split it 50/50.

I told him to supply pictures of the thrown away items if they really exist.Broken kitchen drawer. 150.00 100% 150.00.