Also, with Cap Rates, is it assumed to be calculated based on Purchase Price or Fair Market Value?  

It is reasonable that basing everything on the existing "lease" that will automatically go into effect based on a daily proration (I.E.

I have market rents at $1100 based on the condition and size

I'm new on BP, just learning the ropes, so the above is just based on my own experiences of traveling in the US.

Purchase - 167KNOI - 16,9411st - 80%LTV  - 5% - 15YR - 1.34DCR (If no second)2nd - 20%LTV - 8% - 20YR - 1.27DCR based on the income from 1stLeft with $75/mo - Not much, but it's still in the black.  

I would definitely recommend for you to get your license if your debating it, it’s not a difficult course and it can be done after work.The base knowledge you get from taking the course is really valuable.I took courses after work at a Coldwell Banker branch ( Oak Brooke) and the teacher was amazing.They offer very flexible hours- I personally took the night class ( 6-10 pm) 4 days a week, for a total of 90 hrs.

Only Redfin obtains listings directly from MLS because they are registered as a broker in each county they do business in.Most techies do not understand that real estate is a relationship-based business.  

Just my personal opinion and others with more knowledge could prove my wrong, but I would say that you should buy if the rental numbers make sense based on current conditions and don't expect much appreciation.

Hi Everyone,My name is Cristian Sipa and I'm a partner in an Insurance Agency based out of Anaheim, CA. 

I'm based out of Pawtucket, RI and would also be interested in attending!