Good morning James, take a look at the BP rental property assessment tool on this site.

@Derrick Powell  Keep in mind if you sub meter and pass the water bill on to your tenants vs you paying them now; you have essentially raised your rent wit no benefit to the tenant.

But if you take out a 15-year now and rates go up, it could hurt you to refi to a 30-year.There is a good analysis tool on KellerINK that helps determine how much to set aside for repairs, maintenance, and capex.http://www.kellerink.com/products/holdThere is also an analysis tool here on BP that does the same:https://www.biggerpockets.com/buy-and-hold-calcula...

I was just looking at one of the calculators and was wondering if using my own house as a template would be a good learning tool.

@Matthew Fleming there is an assignment contract in the tools section on bigger pockets under forms.

Get familiar with the podcasts, books and tools here on the site. 

First and foremost, use the Rental Property Calculator in the Tools tab to see if the price is right on a property that you are looking at.  

Essentially making a 3 bedroom useless for college rentals.

If she doesn't do these things she is essentially an assistant and a maintenance coordinator.

Incredible tool for local networking.