When you go with commercial or portfolio lenders, there is theoretically no limit.

There's really no limit.

I'm not sure using the 50% rule for such low rents is appropriate since there is a lower limit on what repairs costs and these rents won't go as far.

And as Rod mentioned, you can also get the updated approved rent limits, which can be higher than the market rate.

My concern is by signing up with one real estate agent you limit your options/potential deals.

Now the sky is the limit, some what.

@Amy Heza - Your questions are great and they are critical to model out when you start.

I would much rather have rentals outside of an HOA, as these add additional costs and limit your flexibility with the property (have to send any exterior decisions to a committee, sometimes cannot rent OR can have ability to rent revoked by committee vote).Aside from that, the main things I see are 40K for 1 property grossing $675/mo or 2 properties for 45K grossing $1000/mo.

If you are letting people pick out colors, limit the number of colors.

From my limited reading I'm leaning towards a multi-family unit as my first property and I have my eye on a duplex here in my city listed for $23,000.