Are you including taxes and insurance in your 40/50% rule?

Commissions have certain advertising rules and disclosure laws that must be followed.

It seems like the numbers could work for positive cash flow and following the 70% rule, but I'm not sure if the town that the property to rent in is a strong candidate to own the property.

Gary West, just another item to consider in your one-at-a-time approach, but markets and interest rates fluctuate, and while Feb 2014 probably won't be that different, waiting several years for each one may hurt your ultimate goal as right now we are still in a record low interest rate environment along with low home prices, but in 5 years, you may be looking at 8% rates or prices too high to justify buying to rent them out.

We plan to vacay and scout out the area for our own future rental property.I would think a good property management is key too, if it's a few hours away.Or at least an infrastructure to "clean"/ inspect between visits.I have seen many different contracts. some just a page, some a novel.I have seen relaxed landlording based on the honor system.I have seen strict landlording with RULES and REGULATIONS.I have been in homes, where stuff broke and they were able to fix it right away...that is my biggest issue b/c this lake is 2+ hours awayOne vacay home had a local residence to help monitor their guests (us)

I am looking for multi-family units that meet the 2% and or 50% rule I have read about on this site.

That means the end price to the builder has to be justifiable.

No Wisconsin Statute addresses the issue nor does any administrative rule in Chapter ATCP 134 of the Wisconsin Administrative Code.Daily late fees are not illegal in Milwaukee County.

I don't want to violate any rules!

I'm thinking, after checking with the zoning and association rules, of trying one out as a vacation rental.