One caveat: doing this created a situation where it was difficult to get loans because one of our LLCs is a "checkbook IRA"- seems the nonrecourse lenders mostly don't like having a non-IRA partner involved.

Considering that the back-end ratio needs to be roughly 36 percent in order to qualify for a loan, it seems that the mortgage costs associated with each newly purchased property should be 36% of the revenue generated by that property -- we might call this a 36% rule: mortgage cost / rental income = .36Please let me know -- is this feasible or advisable?

@Derek FikeGoes back to the #1 rule of real estate - locationWe saw FOMO and everyone throwing a STR up even in residential neighborhoods which are bedroom communities.

Are there any good rules of thumb to try and stick to? 

The Garret Sutton Books are GREAT and I have used his service to create LLCs.

I created a new Single Member LLC in Ohio for rental property.

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

-Try to find something with a value add opportunity- if you can add 20% equity to your property, that will create new options and opportunity for you. 

We believed that the main portion of that fee would go towards the tax strategy portion where your designated ‘tax team’ would help you create a customized ‘tax strategy plan’ to minimize your taxes moving forward, while the tax preparation for a simple portfolio like ours was thought to cost no more than $2k of the total fee.

I am interested in Purchasing rental properties To create additional income.