Look for members with the SRA designation.

Thats not coming close to covering their holding costs when you factor in the maintenance costs and risk of things being stolen.Deed restrictions would be an easy fix for HUD though if this is really something they want to avoid.

The one factor that cannot be calculated would be the effect of renting it on my own without having the ability to do thorough background checks, and the possible results of getting a nightmare from hell tenant!

I enjoyed the process and have always enjoyed creative design and making things look better than they were before.

Before purchasing an income property, pay careful attention to the financial statements and remember to factor in a property manager which will charge between 8 - 10%.If you are close to retirement, I may consider investing in a duplex where you can move to when you are ready.

I assume the $20K repair number is not factoring in you/wifes time.

Time is an important factor as I work anywhere from 45-60 hours a week.I have heard/read somewhere that ideally someone investing in property would want to see returns no more than 2 years later.

You probably want to factor in renovation or at least minor repair costs and 10% selling costs above your profit.

A comparable dwelling unit:• Is constructed in accordance with the standards of chapter 4 of the 2006 International Energy Conservation Code as such Code (including supplements) was in effect on January 1, 2006,• Has air conditioners with a Seasonal Energy Efficiency Ratio (SEER) of 13, measured in accordance with 10 C.F.R. 430.23(m), and• Has heat pumps with a SEER of 13 and a Heating Seasonal Performance Factor (HSPF) of 7.7, measured in accordance with 10 C.F.R. 430.23(m).All of our AC and heating units are SEER rated 13 or higher, and I found the construction codes for the IECC chapter 4 and in reading them we appear to meet all of those requirements.

Hi Elliot,To really analyze the deal, you'll want to factor in a few things (i.e. repair expenses, vacancy, etc) that you may have overlooked from your numbers above.Try searching for "50% rule" on here, or check out this (rather long) sticky thread to get an idea of things you'll want to consider:http://www.biggerpockets.com/forums/52/topics/17612-where-does-the-5-rule-come-from-