You can always hire a licensed mortgage servicing company, which may be a waste of your money, and they have accounts setup already.If/when your borrowers apply for a new mortgage, that lender will check with you regarding their payment performance and history which will be taken into account.

I feel this a pretty solid deal, am I missing something?

Just a quick point... the 50% NOI calculation includes vacancy.Numbers seem solid and I agree with your cap expenditures though based on what I have read you would probably want to create an escrow/savings account as those expenses will come and that would put you in great position to deal with them.Not sure what the whole side deal is with your brother but the numbers seem to add up.

Tony, I think your only chance at finding a deal NOW is working with a broker who's already been farming for 2 years or to drive for dollars.I HATE driving for dollars because normally its a massive waste of my time.

It's a solid, well-kept home that is a true turn-key.Enough already.

if you buy homeowner insurance, and have a claim, you'll quickly discover that spending $300 for homeowner coverage is not a savings, it's a waste, because you weren't covered at all.I refer all my borrowers to National Real Estate Insurance / Affinity Group.

There are lower income areas that are quite solid, and cash flow like a dream.

If you don't have a solid past behind you, be prepared to fund 25% of the purchase and all of the rehab the first time or two.Bird Dogging requires some cash for advertising (though not nearly as much capital as above) and a lot more time.

Use a NOI at 50% of GOI... price it at a 10 CAP Rate and you'd attract investors.Start playing games where NOI is 70 - 80% of GOI... have a CAP at 6 or 7 and you're looking for a sucker.Also, put together a solid package, do the work for the investors.

Don't let the resources here go to waste.