Excellent strategy.  

For expenses, you could start off using the 50% rule (assume expenses will equal 50% of your rental income) for initial analysis, but once you're doing serious due diligence, you can do the following:-Look up the property tax rate on the county assessor's website-Contact insurance companies for estimates on insurance-There are some rules of thumb for estimating regular maintenance and cap ex costs.

@Daniel DietzYour analysis is in the right direction, but not quite there.1) Determine the debt financing ratio - in this case .602) 60% of the gross income is then looked at by UDFI3) 60% of all deductible expenses are applied, so 60% of straight-line depreciation, 60% of the interest on the note, 60% of property taxes, etc.4) $1000 exemption applies5) The net amount after deductions and exemptions is then taxable to the IRA, and the trust tax table is used to determine the tax amount.Even if you have a negative UDFI liability, it can be worth filing the 990-T in case you can carry that loss forward to future years.We have a UDFI calculator on our website and if you PM me, I can send a link to you (BP does not want me posting that outside content on their forums).

I currently use an excel spreadsheet for MF Value Add but looking to expand so I've enlisted  RealNex's REI Wise.  

They might do this themselves if self managed, but even large 3rd party management companies will change their accounting practices in preparation for a sale if the owner so desires.  

Look it up at the county treasurers website and see who the bill is sent to.

Here are the duties that can be performed according to the FREC:Permissible Activities of an Unlicensed AssistantUnlicensed assistant is defined as support stafffor a real estate corporation or other licensed individuals.Answer the phone and forward callsFill out and submit listings and changes to any multiple listing serviceFollow-up on loan commitments after a contract has been negotiated and generally secure the status reports on the loan progressAssemble documents for closingSecure documents (public information) from courthouse, utility district, etc.Have keys made for company listings, order surveys, termite inspections, home inspections and home warranties with the.licensed employer's approvalWrite ads for approval of the licensee and the supervising broker, and place advertising (newspaper ads, update web sites, etc); prepare flyers and promotionalinformation for approval by licensee and the supervising brokerReceive, record and deposit earnest money, security deposits and advance rentsOnly type the contract forms for approval by licensee and supervising brokerMonitor licenses and personnel filesCompute commission checksPlace signs on propertyOrder items of repair as directed by licenseePrepare flyers and promotional information for approval by licensee and supervising brokerAct as a courier service to deliver documents, pick-up keysPlace routine telephone calls on late rent paymentsSchedule appointments for licensee to show a listed propertyBe at an open house for: o Security pulposeso Hand out materials (brochures)Answer questions conceming a listing from which the answer must be obtained from the licensed employer-approved printed information and is objective innature (not subjective comments)Gather information for a Comparative Market AnalysisGather information for an appraisalHand out objective, written infonnation on a listing or rental

Patience is a large part of building your wealth.

I was looking to by some land in San Diego, California to do this myself just not so big but to know that i can make a large profit from it is completely worth digging in a little more.

The 3 websites estimates are very comparable.