If there's an "explosion" of business, there should be a corresponding growth of employees.  

Morris who is appears is not even licensed to sell real estate is getting away with this in multiple markets.Along with what is from again what others have posted about just out right theft of rehab dollars.Not to mention the gross misrepresentation of the neighborhoods etc etc.It was bound to happen that someone of your back ground or some other folks would not take this lying down.Some on Bp posted hey this is a learning experience etc..

Any management fees or other fees netted out of gross rents.7.

Most often, I see landlords require 3 X the monthly rent (gross income).

I personally would invest maybe $400,000 to go ahead and purchase two multi families(preferably quads) at the $800,000 pricepoint.Sit on the $130,000 as reserves just incase you need to fix up anything in the house.Consider putting some of your future cash-flow into 529 plans for when your children plan to attend college.You should be eligible for social security in 10-15 yearsYou can also start out taking money from your 457 planAll in all, if everything is nice and dandy, you should be able to factor in $15,000 a month in gross revenue from your pension, social security, rental income, 457 account distributions.Best of luck

We also charge a minimum gross commission, so om a cheap property our buyers and sellers are also paying that minimum.

I am not a W-2 employee.

If you choose to go the traditinoal route with a bank loan, I would advise keeping your numbers VERY conservative, meaning:1) Cap Ex, Property Manager, Vacancy, and Repairs at 10% of Gross Rents.2) I would raise the interest rate .5% to 1% higher than what you could qualify for, just make room for market adjustments.3) I would be cautious to think that refinancing is a "way out" of a poorly underwritten deal. 

Local Landlord/Tenant laws and applicable Real Estate laws concerning rental transactions and required licensing and handling of Client funds; Federal Fair Housing; Fair Credit Reporting Act; applicable EPA regulations; HUD rules for certain projects financed with HUD money and of course Title IX subsidized housing issues; OSHA rules for employees (office AND maintenance workers); Licensing and Insurance requirements required/recommended for contractors that you hire; IRS rules related to employees and income reporting for your Clients and vendors; accounting "best practices" for Client funds; business insurance and record keeping requirements for your locale and type of business entity, and probably a few others.

Or ATA National Title in Grosse Pointe Woods(Wayne county).