@Dana PetersBeing all in at roughly 140k and rents of 850/unit, I would say you found a pretty good deal on paper.  

I am not an advocate of the 50% or 2% rules of thumb as prescribed by many but since you plugged in the actual  insurance and taxes, which is what I always use, this seems to be good on paper.

> What about transportation expenses for visiting rental properties.On paper, miles driven is almost always in the 'depreciation' category if you look at the fine print.

In the meantime, I am doing a lot of educating on the subject and some  paper investing to practice with before spending real money.  

The paper I bought is institutional and has terms for assignment of rents, but the borrower is long gone and I'll assume no rental agreement in place.

I might bring them the lease or coordinate it in some fashion, but my parents will be for the most part and on paper fully envolved.

I sent him to my attorney who was able to help him get the correct papers filed to have title deeded back to him.

I have been a landlord since 1982 and I have also flipped a fair numbers of homes over the years.A couple of years ago I discovered the "paper" side of the real estate investment world.

Im spending time on paper work, marketing, negotiating, possibly staging.

Unfortunately, her other landlords did not report or file legal papers again her.