Furthermore, based on it's location alone, this property could be sold to a developer because of the unique zoning that has no limit to the building height built on the lot (!!!). 

So, the even if the rent does not cover the debt service you can still potentially qualify. 

I don't want to speak for Joseph, but yes the $230 accounts for all expenses (taxes, insurance, mngt, debt service, future vacancy & future maintenance reserve). 

Let’s begin our posts with the sentence “Based on my experience, I ….”  

Even if you included $100 per month in maintenance/repairs and $100 in property management (I know a PM that will do 7%) you'd still be cashflowing ~$250 per month. 12% CoC return based on 20% down.  

I've used the insurance broker for over 30 years; knowledgable staff, excellent service, and great pricing.

If you are being stationed together over this time, keep doing temp or base housing while you are there and when you really like a market, get to know it more so you have a competitive advantage.

They CAN foreclose if you stop making payments, It Costs a little more ($1500) to do a Wrap because a mortgage has to be created You become the owner in either situation In a Subject To you send the payment to the lender (servicer) In a Wrap, you send the payment to the lender (servicer) AND you send a payment to the seller.

Use the one that has the better rates, terms, service for your particular deal. 

Is there a website or service that helps create a welcome book to have rental information, instructions, etc?