However, units more than 4 is on the board to be added in the near future.I highly recommend reading the ordinance and try to understand it and discuss it in public.

They can do this cheaper than I can because they can get discounts of buying stamps in bulk (2million at a time), and I do not have the resources to do that on that large of a scale.

Large lenders cap you at 4 mortgages because they sell them to Fannie/Freddie.

In the listing it states that the current owner chose to include the utilities in the rent because the profits were higher - My opinion is I dont want to deal with it - I would likely let the tenants pay all utilities except maybe water/serwer.Here are my expenses per month:Electricity - 250Water ad Serwer 50Insurance - 125Vacancy 5%Repairs and maint - 10%Cap Ex - 3%AssumptionsIncome growth - 2%PV Growth - 3%Expense Growth - 2%Anything i'm missing?

I understand that risk is a large part of using larger leverage for rental properties. 

I have never done anything this large scale. so I possibly would be looking to partner with a developer who would help teach me and walk me through the process.

Sounds basic, and it is, but when you are doing the work it is so tempting to start adding things as you go.

@Patrick Wheeler   Let me take a crack at this one.First, the property info in the MLS often contains errors.

They might do this themselves if self managed, but even large 3rd party management companies will change their accounting practices in preparation for a sale if the owner so desires.  

Here are the duties that can be performed according to the FREC:Permissible Activities of an Unlicensed AssistantUnlicensed assistant is defined as support stafffor a real estate corporation or other licensed individuals.Answer the phone and forward callsFill out and submit listings and changes to any multiple listing serviceFollow-up on loan commitments after a contract has been negotiated and generally secure the status reports on the loan progressAssemble documents for closingSecure documents (public information) from courthouse, utility district, etc.Have keys made for company listings, order surveys, termite inspections, home inspections and home warranties with the.licensed employer's approvalWrite ads for approval of the licensee and the supervising broker, and place advertising (newspaper ads, update web sites, etc); prepare flyers and promotionalinformation for approval by licensee and the supervising brokerReceive, record and deposit earnest money, security deposits and advance rentsOnly type the contract forms for approval by licensee and supervising brokerMonitor licenses and personnel filesCompute commission checksPlace signs on propertyOrder items of repair as directed by licenseePrepare flyers and promotional information for approval by licensee and supervising brokerAct as a courier service to deliver documents, pick-up keysPlace routine telephone calls on late rent paymentsSchedule appointments for licensee to show a listed propertyBe at an open house for: o Security pulposeso Hand out materials (brochures)Answer questions conceming a listing from which the answer must be obtained from the licensed employer-approved printed information and is objective innature (not subjective comments)Gather information for a Comparative Market AnalysisGather information for an appraisalHand out objective, written infonnation on a listing or rental