I don't think vacancy, repairs, maintenance, etc. has factored into the equations yet.Priniciple, Insurance, Taxes, and Interest on a $307,500 loan should come out to a few shades under $2,000/month, I think that he is counting the rest as cash flow.

I own a skip tracing company and if you're offering JV in exchange for services I would be interested to hear what the rest of your acquisitions process looks like.

So for repairs, I recommend you get clear on what items you are likely willing to deal with yourself and then leave the rest to a professional.  

I can't speak to OKC and their market, but I'll tell you that Waco's real estate market is just as hot as the rest of Texas.We don't have the bidding wars like Austin or Dallas, so I think you'll have a higher chance of success finding a few rentals down here.

I think you will see this evolve to address senior housing as well where seniors might have a private room or two and share the rest of the home.

But whoever loans you the rest of the money will want to know that's where the downpayment is coming from.

For the sake of the rest of the post I will refer to it as a CFD.The tenant/borrower can obtain an insurance policy which will look similar to a renters policy.

I'm basically treating the rest of 2016 as a time for education.

The water is only where the stairs are, not in the rest of the basement.

You mind explaining the financing you've used.For this property I used a private money lender who funded 90% of the purchase and rehab and I supplied the rest.