This comes about to $4k which is significantly greater than my expected mortgage payment.The seller's asking price was about $475,000.Based on the seller's asking price and 475k/1230.

I agree with @Levi T.

If that is a positive cash flow and if you can expect that same cashflow from each property you acquire, how many properties will you need in your rental portfolio to replace your W-2 pay? 

Not being an agent, it does not affect me but I would say when you put in your LOI, declare that you are an agent representing yourself and your commission expectations.

Their prices are cheap and the quality is better than you might expect. 

It's a very exciting market to explore because there's a ton of revitalization and new outer-ring development happening simultaneously, and we expect it to stay that way for quite a while.

If I rented from YOU and YOUR sewer pipes broke, I'd be expecting you to foot the bill to rent me a hotel that is comparable to what I was living with before.

I have been looking up a lot of properties and finally, I am expecting to put 1 property under a contract very soon and I would like to know about your experiences on how I can manage my first rental in the most effective way in term of the following:1.

Chris T.

That's the sort of situation I'd love to be in.How much should I expect a refi & HELOC to cost me?