That person will be less in-demand as a project manager (so he may consider part-time work), but if you can teach him the business side of things, he'll be well rounded by the time you need him full time.Also, consider finding other work for your PM if you only need him part time.

Can you get away with replacing the stove with microwaves?

Here's what I came up with.Price: 390000Downpayment (3.5%): 13650Closing Costs: 3000Total cash invested: 16650Gross Income: 40080Less expenses: 20040NOI: 20040Less debt service (30 yrs at 3.5%): 20280Cash flow: -240/yr (-1.44% COC)When you include the mortgage paydown - 7223 the first year - the total return becomes 6983, or 41.9%, though with that cash being inaccessible, this a VERY long term proposition when talking about that return.All of that said, there are some things working in your favor here.1) Your property taxes are very low compared to many other parts of the country.2) It's a new construction - so while there will still be capital expenses, some of the big ticket items such as roof, AC, hot water heater and such are unlikely to need replacing for some time.3) You are managing the property yourself*.With all of that in mind, you could probably assume 40% for expenses fairly safely.

Marcin G, The preference is to keep track of it per property; however, sometimes it is easier to split it between all of the properties if you always drove it in rounds.

You're asking him to honor a pet clause and a no smoking clause in a contract, both of which he may be able to ignore and get away with.

It is SORELY needed here in Southern Cal, I have endured the rounds of wannabe gurus, pitch fests and self important realtors that love the sounds of their own voices (there was one RE organizer who pitched a mlm scheme on a bottled soda) sheesh!

We could round down to 23 houses to make it close.

In addition, this property is located in KY, I am located in Washington state, so add in the cost of a roundtrip flight ticket, time away, etc.

It seems like such a high turnover and odd big ticket items like a new compressor are anomalies.

I now have it in my bookmarks bar :) Be careful, they say crack is addictive, wait until you take several hits of BP, you will not be able to get away from it.I am a consistant relapse victim of 5+ years!