Ensure you get a signed statement from the existing contractor that his payments have been honored so that if he decides to put a mechanics lien on your property out of spite you have proof its been dissolved.

With well & septic, you have to be extremely careful and diligent to ensure tenants do not flush anything improper or allow the plumbing systems in their homes to get backed up in any way.

As your selected neighborhood starts to grow and you see homes selling to end buyers, you will want to consider your exit in the 3-5 year term to ensure that you ride the value you have created when you sell of refi again.  

Take advantage of the BP calculator and ensure you add all expenses.

------------------------------------"Good deal" -- whatever that term means -- is always hard to find wherever and whenever, for the simple reason that a "good deal" for the buyer means that the seller is leaving money on the table and vice versa.In an efficient market there are no "good deals," only transactions where the return on  investment compensates (just) for risk.

Also, if you have multiple companies not only is it an efficiency killer, but you could be losing out on discounts as well.Typically it depends on the type of claim that you have made. 

When you have other members/partners, that is when you really want to have an attorney prep the documents to ensure all your rights and obligations are listed out.  

Will definitely post questions if I come across potential good deal to ensure that my analysis is right.

My guess is that your actual cash flow will settle out to ~$200/month, so that's closer to a 7% CoC ROI.If you want better returns on the next one, look to MFR where you can get a lower per-unit price and start to see some efficiencies of scale.

You'll get a lower per-unit cost and start to realize some efficiencies of scale.