@Glen Beringer has some good insight on the areas in Delaware as well.

Apparently this initially applies to LLP's only for two states (Delaware and Florida as I recall), but it seems likely that will be extended to other states as well. 

:@Wendell De Guzman Thanks for your openness about this deal.

Those without these qualities probably won't even gather all of the resources necessary to be in this business anyhow.Great post, @Wendell De Guzman Thanks Michael.

Revenue Assumptions:Monthly rent revenue  = 500*20 = 10,000 (A)Vacancy = 10% (12000) (B)Effective Gross Income = 108,000 (A-B)Operating Expenses Assumptions:Property Taxes = $8500 (C)Insurance - $4,000 (D)Utilities - $18000 (1500*12) (E)Property Management - 10% (10,800) (F)Repairs - 10% (10,800) (G)Maintenance - 10% (10800) (H)Total Opex - (C+D+E+F+G+H) = $62,900Net Operating Income = 108,000 - 62900 = $45100- Total Debt Service = 69k (Downpayment 3% Rate 5%Term 20yrs)Cumulative Cash Flow = 45,100 - 69,000 = -$23,936*above includes 40k deferred maintenance as wellBased on above your DSCR will be lower as well as cash on cash return will be negative.

My first step is get a series LLC formed in Delaware.

Would love to connect with both of you.By the way, this is a flat piece of land at the end of a cul-de-sac in an upper middle class neighborhood surrounded by all the utilities.  

Atlanta became soup de jour and was hands down on of the best markets..

Matt R.Lansdowne is just a hop skip and a jump away from the Philadelphia city limits, located in Delaware county, Pa.

Some areas, typically more rural areas, will use a "meets and bounds" survey that says "starting at the SW corner of the NW quarter section of section 14, township 3, range 5, north 100', then north 93 degrees west 300', blah de blah".