You don't have to pay hundreds of dollars to join one as there are free and inexpensive groups out there.Sounds like you're ready to stop dreaming about investing and start doing it!  

Montpelier is still Montpelier but there are some inexpensive entry points for a first timer.  

Provided the preceding 12 months (or 11/12) were all paid no later than a certain date (i.e. 3rd):* Offer a low max rent escalator (1-2%) for lease renewals * Offer inexpensive but high perceived value items (i.e. big screen TV) for lease renewals * Provide a Winter Fuel Credit in December if tenants pay for heating fuel  * Offer a choice of unit upgrades that you may have been planning to do anyway (repaint, new appliance, ceiling fans, etc.)Mike

Very water resilient, durable, and relatively inexpensive..  

The revised model now includes a 2% growth in expenses starting year 3 and compounding ever year thereafter.Q2.

@Sam Shueh Snow is about 120 per month by landlord, accounted for in expenses. 

Napat,you're right - some of the 'rules of thumb' don't work well in expensive areas.A couple of thoughts:As to financing, you may quickly hit a ceiling with your DTI. 

Why don't you rent in your expensive market and invest your capital into an inexpensive market where you can get amazing cash flow which will pay for all of your rent? 

I lived and invested in CA for many years and can relate to the lack of cash flow and extreme competition in expensive markets.  

I bought the house for $280k, sold it for $350 and paid $10k in expenses on top of the $60k for the renovations, so in short...