I am a licensed realtor here in Dover Delaware and am currently working with investors in Wilmington, Camden, Newark, and New Castle.

I am looking to buy and hold in the state of Delaware.

@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..