My total expense including everything (mortgage, tax, maintenance,property mgmt company) is 1500.

I have 'partnered' with some friends in the past, but their only contribution were loans, they had no interest in the real estate.I currently own three buildings (five total units).

The 1% rule (or 2% rule) is a calculation of the amount of monthly rent as a percentage of the total purchase price.

And, I think, it totally makes sense.

At this point I’m totally hooked, and am looking to start investing.My goal is to replace my income with rental cash-flow in the next 5-7 years.

On a more positive note, we stuck a sign in the yard and got tenants who qualified and signed a lease - for $20 more than I had originally planned ($515 total for the basement apartment to a nice young couple.

.$280K$56K downP&I: $1200.00$2700 Total Rents - 50% rule = $1350.00 - $1200P&I = $150We've also broken the 50% rule down further with what we believe to be more accurate numbers:TAXES: $279INSURANCE: $279 (This is estimate as I wait to hear back from ins. agent)VACANCY 10%: $270REPAIRS/CAP EXP: $162PROP MANAGEMENT 10%: $270 (We'd be managing but have this built in for the future in case we didn't want to manage)Total: $1260.00$1260 + $1200 P&I = $2460.00Total Rent: $2700-$2460 = $240 cash flow.CAP RATE 6%GRM 12CASH on CASH 5%We realize that this isn't a great performer overall.

I could keep typing for hours, there are so many different methods to being an investor that some people are able to make good money doing, but if you're looking to be a landlord, then a flipping boot camp is a total waste!

I do not know these people so I cannot ask them about it; so I am asking all of you if you know what the circumstances may be in which the city can force themselves into your home like this.It totally seems to be extortion to me.

If she is not active and not in the LLC they cannot attach tenant by the entireties property as both parties have total ownership, both parties have to owe the debt to attach property held in that fashion.