=o)Without providing our business model or coming off as smug, I'll just say that we buy houses any way we can legally.

I'd go with something like this (definitely adjust it to your business model):15% Tax15% Vacancy and Maintenance50% Pay Yourself20% Set Aside for Future DealsSo if you collect 1000 in rent you'd save $150 for Tax, $150 for 'Maintency' (Vacancy + Maintenance), $500 for you to enjoy that month in your personal account, and set aside $200 to let build until you have enough for the next deal. 

This is nice, because it means professional investors have looked from the inside of the business model and liked it enough to invest significant money into it.

As you get more experienced as a landlord you will be able to reduce this number towards ~5%, but I still model 8% even in my Section 8 properties which re-rent immediately.  

My theory is whatever my business model is and whatever policy I have written down is what I go by and implement, I am not allowed to use my judgement to only my companies policies and practices

Jay,Didn't anyone tell you - Never buy a rooming house on Elm Street ;-)I do like the airline personnel model, but find student rooming house and those close to research/teaching hospitals are good bets as well.  

The business model of a Realtor is to help you until you find your property with the hopes that that pays off in the end.  

But most do have their own washer/dryer.That tells me that everyone in my area is following the same model too. 

I've got one property that is a buy and hold and I'm looking into trying the buy-rehab-rent-refinance model next.

What i mean here is to know the essentials such as  where the water shutoff is, where the electric shut off is, where water pumps are and what kind of mechanics you have inside the building.Take note of the model numbers, year of manufacturer of certain vital equipment such as HVAC, water heaters and so on.