Given my geographic inability to personally manage the properties and long stretches of not having cell or internet service, I'm calculating 3rd party property management into all my deals.

I'm reading an application that sounds as if my personal assets would back the loan.

@Ariel GonzalezHey don’t despair.It’s a tough market out there.In most cases, seller pricing expectations are still out of line with the current cost of debt.I’m proud of you that you just didn’t buy something to buy something - that takes discipline.It’s important that your first deal is a success or at least not a train wreck.I’d encourage to start small finding a 6 to 10 unit building and buy that with a few friends.

Just to be a good person and have good karma. 

As a fellow member of NCREIA (North Carolina Real Estate Investors Association), I strongly encourage you, as a new investor, to consider attending one of our monthly meetings.

We have found - from personal experience - that these courses offer general knowledge that often do not apply to your state or local area. 

In the worst case, I've seen contracts where LPs are made to personally guarantee the loan.

(It does not have to be empty of personal property).  

Hey Brian,Thanks for the encouragement and advice!

Personally, I keep my rent increases to 5-10% while not pushing them all the way up to market rent.