I'm locked in to settle on my first investment property May 1st. 

Interesting new lock device for those who want remote access to their property. http://www.august.com/

Purchase Price  140kMorgage Amt (25% down) 105k @ 4.125% locked inGross Rents 27kTaxes $4300Inurance $850Water/Sewer $850Gas & Electic Tenant paysLawn Maint  $800I will be self managingCap rate is over 10 with vacancy etc.. but in the mid 1% range compared to the 2% rule per Rent Analyzer.Am I missing anything?

Keep your ears open to Josh's & Brandon's podcast.  

Gives the seller some value for having the property locked up while you figure out if you have deal - if you have walk.

It is definitely a stretch.Don't lock yourself into minimum wage.  

I just locked up a property in Jacksonville, FL and will be going to see it this coming weekend (April 24th) and need a contractor to give me a good estimate.

We are land locked (water on both sides) so we are 20 minutes from any beach.

But in return, I'd be locked in to a great deal with 12 months to plan an exit strategy. 

Thanks for tagging me, @Rick Baggenstoss.I inherited some tenants in a rental that kept 3 dogs and a couple cats first upstairs, and then later locked in the basement.