@Jim Carson,Better Option is Hold for ever... advantages...Tax Saving: If you will sell, you need to pay hefty tax on appreciationTime Saving: you pick lot of properties and that consume lot of time. doing all again will take your time and energy again.Opportunity: we don't know we are on top yet... look at market in Canada, Australia, China, India... appreciation cycle still continue after 15 years. 

All but 6 (including the one I'm buying) are owned by two large corporations that rent them out.  

Property APurchase Price - $340,000Total Rental income - $4100 (1200,1200,1700)Rental income less expenses - $3567Tax - $5495P&I - $1777Ins - $2000Mortgage (including costs) - $2401Cash Flow - $1166Property BPurchase Price - $439,000Total Rental Income - $4600 (1700,1700,1200)Rental income less expenses - $4002Tax - $5672P+I - $2294Ins -$2000Mortgage (including costs) - $2933Cash Flow - $1069Is there anything I am missing?

Heat and hot water included (no individual meters).

I've gotten 3 quotes for an approx 400 sq foot master suite addition (plans already approved by the city) and the least expensive was $150,000 - tile, fixtures, etc not included.  

If the company is good in the business, it would be happy to provide customer references.Do not forget to ask what services are included and how often property manager will communicate with you.

Been doing my stuff for a long time and works with several real estate investors, including some from out of state.  

Also keep in mind I did not include any closing costs or payments and expenses you will have during the holding time while you rehab.  

The market dictates everything, including the rehab...but especially it decides, before you start lookingat properties, what market to invest in...or more important, which markets to NOT invest in.Once you find the right market(s), then you need to find the micromarkets within that market...and there are usually many.

Freddie:6 months of PITI for all investment properties, including subject.I do both.