I will continue to educate myself via the books and Google (Which I use now to look up everything I don't know) Happy New Year's everyone, May you exceed your dreams in 2014!!

We have an agreement that if a repair doesn't exceed $250 then the company doesn't call us first, they just send out the repairman.

The average rate of raw land consumption exceeds 4,000 acres per year.

I found that the IRR formula was exceedingly complicated and while I could use a computer to find IRR, I dislike following methods I can't understand.

Remember claims stay on your record from five to seven years.When the cost exceeds the deductible by a large number, then file a claim before you start the work.  

If you exceed 200k in income a year you can qualify to be an accredited investor, Ive been one for 16 years. 

I realize how exciting it is to be on the brink of your first investment, but there are plenty of other fish in the sea here and like @Patti Robertson said if you have 200k to spend there are lots of other deals that meet and exceed minimum investing standards within that dollar range.A few foods for thought:If your friend is will to sell it to you for 200k, and it's value after he finishes fixing it up is 245k, then why not sell it to an owner/occupant outright, gather your profit (potentially 25k-ish) and find another lease option deal that the numbers work better on? 

We can regularly exceed the "1% rule". 

So with my triplex, the rents in the 3 units over a period of a year has to exceed my PITI with a vacancy rate of 25% of the year.

Sophisticated investors invest on cashflow where the rents exceed the mortgage plus expenses (and enough money to pay for professional property manage to do our dirty work).Sophisticated investors look at the Rent-to-Value Ratio and look for at least 1% or more to be able to cashflow after expenses.