This is my first time, I attempted to see my true numbers after I entered it into the Rental Property Calculator here on BP.  

Raising money has never been easier since it is sitting on the sidelines looking to get in the game with a great property.

They have more skin in the game then you do.Make sure you get clear title.

Does anyone know if this is true about the fact the last home owner hid evidence that the door was broken and lied to me that is worked fine?

@Shanae Williams have a game plan for your rehab timeline and exit strategy and follow it strictly.A lot of people buy their first house as an "eventual investment property," get comfortable, end up staying there for years and never make it a rental property like they initially intended.Great idea if executed properly.

The point is, I know the area well and I'm already 1 or 2 degrees away from the most valuable players in the game here. 

I haven't been in the game long enough to know what the gurus were talking about 10 years ago.  

I would recommend end game being a MFR buy and hold for both.

That was going to be  my game plan...let the expectations be known and treat him like any other tenant both when screening and if they end up agreeing/signing a lease.

Again, other investors may set different goals... for instance, someone who has been in the game a while and gotten really good at finding amazing deals and managing their portfolio super efficiently might not accept lower than a 15 to 20% CoC Return.When it comes to some of the "rules of thumb" like the 1% rule and the 50% expense rule, these are really more quick analysis tricks to help you understand whether a property is worth looking into further... not final criteria for whether or not you should buy.