Hello - does anyone know if you can be an off-state resident (with no RE license) and take the RE license test and be licensed to operate in AZ?

Operating expenses include utility, payroll, landscaping, pest control, taxes, insurance, repairs and maintenance to name a fewThese are expenses, different from capital expenditures such as fridges hot water heaters and flooring.  

I live (and will be operating) in Michigan.

So just by looking at when he bought them, the price he bought it for and what it's listed for now and the condition every property is in tells me a lot about how he operated. 

I'm sympathetic to their situation but we are barely covering our moderate operating expenses.Should we?

I've been operating in all cash, and for various reasons can't take out a conventional mortgage. 

50% rule means your expenses should run about 50% of your income (and it will when you implement the proper operations). $495 x 6 x 12 = $35,640 gross income. subtract 5% vacancy and your effective income is $33,858.

Where you are operating will have some impact on the information you may request and should expect.Here in Canada, we may ask for an applicant for their Social Insurance Number (SIN)  {our equivalent of an SSN), but we cannot require they provide it.  

It seems like it should be easy on the surface, but there are a lot of moving parts in management and each company operates differently.  

This way you can determine your Rental income, net operating income and cash flow.Discounting appreciation, you make money on rental properties through leverage and cash flow.