Thanks to all for the advice, I think I go with either quarterly or biannual increases.

I came across their information today and they claim that members pay $ to invest in a portfolio of properties that generate consistent quarterly cash flow (9%-11%). 

So compare the $50 for three months, to $600/quarter in the city.

However, HUD came out with a memo in the 90's that stated that a living room could be used as sleeping quarters, therefore that would be 2 per bedroom plus one. 

Marcus and Millichap puts out excellent quarterly reports for multifamily (as well as other asset classes) in many of the big Metro areas, you have to register and provide an email:http://www.marcusmillichap.com/researchTheir reports are really excellent because they break it down by sub market.

You can also gain this experience by investing with an experienced syndicate manager in larger projects (100+ units) and closely studying their monthly/quarterly reports.

I looked at the tenant's bill for the same quarter the previous year as a benchmark and immediately and voluntarily paid half the big water bill, and again paid about a third of the bill for the quarter during which the repair was made.

Popular, increasingly trendy area.  1-4 miles from the French Quarter/Downtown areas. 

Ideally I would like to have living quarters possibly as part of an investment in the Fort Mill/Charlotte area, but open to whatever is the best use of the money I have.

In the first quarter alone their were 140 multifamily transactions in Miami-Dade county and Fort Lauderdale.