. ** We ask for T24/T36** Income: 1) Rent growth - flat for next 3 yrs and inflation for next 3 yrs 2) Any other misc income increase by 2% aka inflation Operating expense (Big ticket items - Lets assumes its a C property)1) Tax - 85% of purchase price and then 3% - Texas is a non disclosure state 2) Insurance (General Liability and/or flood) (example: Flood insurance in Alvin area is ~20K for 40 Unit complex on top of general liability) 3) Make ready (assume 10 units per year based on 90 unit )~10% vacancy 4) Run and Maintain - based on how much capex you will be spending 5) Management fee (6% for your size) may be a bit lower but for now keep it a bit higher 6) Utilities 7) Professional service (attorney/CPA/Lawn/etc etc) 8) Marketing fee Capex:1) Whatever you think is needed (Check roof, water/sewer line/heating aka boiler/HVAC system/Foundation)

Different states have different requirements, but it also costs money on an annual basis to maintain your license so it depends on what you plan to do with it to determine if it would be a worthy investment. 

We pay a $120 HOA fee monthly and the property management company has done an excellent job maintaining the grounds and the buildings.

I'll avoid mentioning any specific companies in order to maintain confidentiality.

That section defines "resident individual" as one who is domiciled in this state or as one who is not domiciled in this state but maintains a permanent place of abode in this state and is in this state for an aggregate of more than one hundred eighty-three (183) days of the taxable year, unless the individual is in the Armed Forces of the United States.

Sellers need to be punished for not maintaining market rents.

You will be the one that will have to manage and maintain it and need to ask yourself if the returns are worth it and if it passes that very important question and your numbers are good, then you are headed down the right path.

In my area, tenants can pay their rent to the city or county (can't remember) if the landlord isn't maintaining the proper living standards in their property.

Under a sandwich lease-option arrangement, there will be two insurance policies: The owner of the home should maintain a landlord insurance policy on the house, while your tenant should obtain renters insurance.

A property with good cash flow can be held indefinitely (even if rent reduction is necessary to maintain occupancy).