With this profit counted as just my income, I would still only be in the 15% tax bracket as I understand it.

Fingers crossed I can get everything to go through to settlement and a few weeks from now I will be getting some great On the Job Training. 

And what's cool about owner occupant financing is the lender will often count the rent from the other units towards your income and enables you to buy bigger.Best of luck,Dave

It would be my first deal and I don't have a mortgage currently, so I've got traditional financing pre-approved at 4.8% with 25% down.Here's what my numbers are looking like:Mgmt fee:  $75 (going to manage myself)Maint: $50 (renovated in the last 3 years)Replacement reserve: $50Taxes: $113Insurance: $110 PI: $377 (assumes $95k purchase)Total:  $775 (not counting vacancy)My spreadsheets show a cap rate of 5.7% and COC of 3.49% with vacancy included.  

In order for your rental income to count towards your DTI calculations, it must show up on your tax return.  

@Natalie KolodijWhen using the BRRRR strategy appreciation should never be counted on. 

Detroit is actually one of the biggest international crossings in the world.

I think LLC counts as a person.

But my real question is, is there a line you as an investor will not cross when you are looking at homes in despair and in terrible condition?

Check rentometer.com for pricing to cross compare to the other data sources.