A lot of people think they can take on this tenant class not knowing that standard REI principles and practices do not apply to the D-Class arena.Did you ask him where he got the 1MM number? 

Portfolio lenders typically follow the same (75%-80%) rule and consider the additional income from your properties and perhaps relax on the debt to income ratio and as long as the deal makes sense and generates positive cash flow.  

If not is there a rule of thumb people take after on the first after (5% or 10% below list price for example)?

I currently bank with a credit union, is that a good option to apply for a mortgage loan or should I branch out?

We also have a Realty Transfer Tax that is applied anytime a home changes hands. 

The IRS rules allow me to manage it, but I have always used a property manager and will continue to do so.

What rules of thumb do you use for your preliminary "deal or no deal" analysis of a property?

BIGGERPOCKET RULES PROHIBIT me sharing any ph or email website in reality .. any way to contact you directly to allow you to be a FREE STUDENT. 

Mine are closer to the 50% rule, so I'm playing it conservative.  

They also have there own set of rules for processing redemptions, etc. and you may or may not know, OK City n Tulsa just completed their sale.