Finally, use all these numbers, including purchase price, repairs, rental income, expenses, and sales price or cash out refi after X number of years (you can play with these parameters) and calculate IRR on the series (can use the excel function to do this) ... this is your total return, over the life of the investment, including ALL sources of profit.

I love to be active and this includes working out, crossfit (I'm not one of those guys, trust me), camping, cycling, rock climbing and indoor bouldering, networking, hiking, and anything that involves building relationships.Looking forward to diving into real estate investing and beginning this new chapter of my life!  

Chris, I have lived here all my life and have come to the conclusion the only ones that knock Memphis or those that either don't really do anything but go to work and return home or have failed in one way or another and want to blame the city.  

Is it realistic to think that at some point in ones life, these areas will experience a revival- either because jobs returned or because of forced use because we need places to park people as the population grows? 

Fees for the loan, appraisal, etc are deducted over the life of the note, in my case that is 15 years.

I used this for when I looked here in Chicago and Found an attorney that makes my life 10x easier with communication with the title company, receiving documents and forwarding documents plus all the emails they handle.

Honestly, this is a friend I would trust with my money and my life (have known him since early childhood), but I still feel I should have my own lawyer look over the details of the note before signing anything.

By the time you pay fees and such you don't come out ahead unless you do hold it the life of the loan. 

Given this, I now have real life numbers , and can now look at what my best options will be 6 months from now ( in June of 2016 ) , to continue my pursuit in purchasing Rental Properties.Here are the stats on the Property I just had appraised / will be closing on in 2 weeks .Purchase Price is $68,000  ( includes my all in cost ... repairs, closing, down payment, etc. )The Appraisal come back on the property for $108,000 This gives the property $40,000 in EquityThis will be an Owner Occupied property ( Primary Residence )My goal with this property, is to Hold on to it Long term, and use it as a Rental property in a year or so from now But my short term goal ( what I am wanting to do ) is to do a Cash-Out refi. at a LTV of 80%   (  or roughly $21,000 that I could pull out in the form of cash ).... 

What I see people say on here, and what I've observed in my personal life, is that PM companies are highly variable.Same thing with realtors, if you're gonna sell at retail.Are you comfortable with the legal aspects of working in a different state from your home?