Although some still cash flow on paper, I have heard that it is never a good idea to buy "the nicest house in the neighborhood," or in other words, pay the most per square foot for a neighborhood.

We would probably live in the property initially but the end goal is to make income off of the property.Tori, it's tough to answer this question without knowing what the "5-year plan" is for your property, but I'll give you my two cents.

@Aline Bender I keep $5000 per property in reserves, give or take.

I have a short sale right now that the 1st lien is offering 6,000 to a 2nd mtg lien which is relatively common per many investors.

Duplex 3/2 (large backyard) + 2/1$299,000 - $3,000 in repair creditsRealtor commission assigned to me at closing: $7,100 (my girlfriend was my Realtor and I am licensed as well)Current rents: $1,300 / $1,100Rents after remodel: $1,800 / $1400Estimated cash flow: $150 per doorRehab budget: $15,000Loan type: FHA 3.5% down (I will occupy 3/2 for one year then ReFi) Realtor: Morgan Marziali - Whitaker Realty *Review inspections but don't let them panic you.

I found a template online for excel that I use to record my income and expenses and it has a section to track mileage and multiplies your mileage by whatever the allowable rate is for business travel ($0.535 cents last year).

Hi Brittany, I know I,m late but here is my two cents but your realtor should advise you on these issues!!

It's definitely a city that has been booming recently.When you say your expenses per month are $1910, is that PITI (Principal, interest, taxes, insurance), and HOA fees combined? 

If so, I'm curious what resources are you using to research the local laws per each city?

I mean I used to work as a licensed contractor and for an estimate I would charge $47.00 per half hour of my time , still quite affordable if you ask me Plus that would put me first in line to contract with the cash buyer.