We had our own strict limitations on who could rent our place that precluded large groups, and we rented almost exclusively to families.

Thanks Matt, sounds like I need a strict screening process for prospective tenants and to make sure that I contribute a certain percentage each month to maintenance, repairs, etc. 

Hello, I am under contract for a property in the Temple University/ 19121 zip area of Philadelphia and I am looking for a property manager that does not strictly handle university students/rentals so as to not limit my tenant pool. 

I would advise your friend to do the following:1.

Just to follow up on a couple because they do make sense but the numbers don't add up for me :/ Annual Expenses: @ Year 1 = $18.718 * 1,02 = $19.032,36 in order to get Year 2.

My overly simplistic formula is as follows.

You probably won't get year leases (which you don't want anyway), but make sure they understand that it is a month to month arrangement that can be extended for as long as they follow the rules.

Quick follow-up question: deciding then to do the Midwest direction, and to buy and hold for the long-term, is it better to take $75K and split it up as the down payments for two or three properties, and get loans on them, or, take that same $75K, and just buy one single property with it? 

Also, remember that you *can* identify more than three properties (if you really feel like three isn't enough choice or you have a ton of value you'd like to spread around between multiple replacement props) but you have to follow two rules:1.

Following!