Lets start by stating that they have to be licensed, which is required by law including going through extensive background checks, be financially fit themselves, and go through education on laws and mortgage practice.

The owner will have an idea of what their terms are so be prepared Owner financing has a lot less costs than a bank  including  mortgage insurance ,lender fees etc 

I think you'll want more than just the basic cable channels...Comcast usually includes HBO in many of their promotion bundles for the first 12 months and you.

@Aaron Klatt Hi Aaron, thanks for the reply...to clarify...adding the 2 BR's would make my 1BR unit a 3 BR unit...I figured this was a much easier route rather than starting from scratch and adding another unit that included a kitchen, bathroom, etc.

Let's project this out shall we:1 - If each deal takes 18 months (assuming they are all the same) to fund/cash, and...2 - Each deal generates $7k (with all being perfect) at a cost per deal (in cash) of $85k.Goals:1 - $100k/year ~ $8k/month2 - Needs 14 properties to =~ $100k/month3 - 18 months * 14 properties = 252 months (21 years), and that doesn't include the time each deal takes to find, negotiate, finance, close, put a tenant in, etc...or any problems with the properties along the way.4 - Total cost out of pocket (not counting surprises):  $1.2M

It probably needs about $20k in renovations including new appliances.

It probably needs about $20k in renovations including new appliances.

For example if I were looking at a property, I know I want to make $100 per door minimum in net income after all expenses including insurance, taxes, capex, maintenance, utilities, vacancy etc. 

Would the expense ratio include vacancies in that formula?

Also provide a great packet that includes the repairs that are needed as well as the comps that support the sale of the property to the investor, as well as comps that show what the ARV is once those repairs are completed.