@Andrew Solomon Make sure you don't confuse Net Operating Income (which is Gross Rent minus Operating Expenses) with Net Annual Income (which is the annual cash flow and is the NOI minus mortgage expenses and vacancy). 

I’m hard pressed to find a duplex in the Atlanta area for 150k that generates $1500+/month in rent, much less a quad with double the gross monthly rent. 

A property whose gross income is 0.9% of purchase price generating 12% ROI and $400/month free cash? 

I bought for $182,000 and sold for $327,000.I have another I bought for $260,000 that brings in a gross income of $3200 and it’s worth $425,000 after rehab.

He talks about using separate accounts for profit, taxes, operating expenses, employees etc. 

When you have a mortgage, that PITI is going to slurp up most of the gross income you pull in without even looking at other factors like vacancy, capex, and repairs.

I used conventional bank financing and some supplemental financing through an employee benefits program.

As a general rule I assume 30% of my gross rental income will go toward expenses, some people use closer to 50% but my numbers seem to work.

You still want to account for it, but it obviously makes a difference.If you're owner-occupying the building, I assume your gross rent of $2,750 is from two units and the garage.

Quit my W-2  job in April, have loans on primary and rental property, wife is a stay at home mom with no income, my business is only 3 years old and gross receipts are not steller since I have been doing it part time for 3 years.