No one will be mad if they get it twice but if they never get it then ...

You or a long term resident (with proof of residency in the form of a drivers license) does need to reside on the property 9 months out of the year to get a permit.

@Aaron Chittum Generally, yes...if your assumptions are correct for your market...judging by the purchase price, I would assume these are C-class or lower...so lots of deferred maintenance, needed upgrades, lower class tenants...possibly under market rents...or the need to stabilize through eviction...this is just an assumption and it's relative...my recommendation is always anticipate a cash outlay up front to stabilize properties and force appreciation and drive rents...then place it on cruise control...no need for property management and save 10% of your income....no maintenance costs or CapEx surprises either...Your ROI on these is pretty big...you could pay these off in less than 5-yrs if you accelerate debt paydown and cash flow very nicely...Most conventional lenders won't originate a loan under $50k...so purchasing individual may not work...and assuming CAP rate on anything with less than 5 units is pointless...while some appraisers may use income approach in tough situations...or even GRM...your value is based on comparable sales.

IRS gets mad if you work travel assignments for a year paying low taxes.I've been doing travel assignments to boost savings for more properties.  

It may not seem that way to certain people that have big money relationships with banks and great credit and I am not mad at those people for having the knowledge, fortitude or inheritance to be in that group.

@Reginal ColemanYes you should be able to step up the rent by a certain amount each year depending on local law but they may get mad about it, leave, and trash the unit.

@Chris @Chris Ahlemann my daughter went through the same thing and she was fighting mad.  

Driver around all the streets and look for vacant houses.

Right now we are seeing a mad run by buyers who want to close before rates go up. 

I got really mad when the property manager of our HOA called me that.