Might take out one kitchen, then again, I have seen two kitchens in several older homes as they were converted as a mother-in-law quarters.

The lenders interest's are still protected by the "trusted" third party (preferably an FDIC insured bank) which issues statements (say every quarter).

Third quarter results were driven by Gov't money (cash for clunkers).

We're getting carpet and vinyl straight from the manufacturer, and paying about a third to a quarter of retail pricing, so I don't know what the retail prices would equate to and can't really link to retail comparables.There aren't a ton of advantages to real estate where I live, but that's certainly one of the them!

It may take some work to learn, but it should be capable enough to meet my needs (especially since I'll be receiving 1099's as an IC and paying quarterly taxes soon).

To close we had to roll up pennies, nickels, dimes and quarters to make sure we had enough for the down payment.

@Clay Reddick and I are about to send out a new direct mail campaign with the goal to wholesale the deals, but we don't have much in the way of a buyers list. 

The good news is, because it is such a common problem due to our clay-based soil expanding and contracting with the rains and heat, it's a pretty competitive field.

You should be able to get annual 10% cash on cash returns (paid out quarterly) and you don't have to hassle w/purchasing and maintaining so many SFRs or small MFs.  

MF apartments are a solid niche for folks looking to be passive and generate solid cash flows in the 8 - 10% typically paid out quarterly w/upside at refi and / sale that can achieve overall higher total returns.