In addition, many purchased too much house and barely qualified for that.

I tried (but barely got off the ground) the land development of the industry and failed miserably...or should I say, couldn't even secure a piece of land.

You should be able to get in on the bottom floor with programs such as 90% financing, meaning you would haev to come up with the bare minimum of the total purchase price which would happen to be 10%, as it is required in commercial real estate.Should you need a lender that can get you in with just 10% percent let me know i will be more than happy to pass down a contact name for a company that can get you pre-approve for commercial lending at 10% down.Is the total rental income $70k for all the units?

i have no credit that im aware of. i just got a credit card that im going to just barely use so i can try to gain some credit. are there gonna be any traditional loans available to me?

Thus when your mortgage jumps 1 or 2 points, many people who where already squeezed with higher gas and food cost could not bare the added cost.

We also trusted a "friend" to work on it (paid), but he averaged 10 hrs/wk - had many excuses why he'd work one week, then take off 2-3 weeks - he's since been fired.Anyway, here we are.....running out of funds quickly and we're still in bare studs.....

., called "Failure to Pay Rent" notices or "pink slips" in some jurisdictions).

That person, or typically a couple - its typically couples that buy homes - had to live in a small, probably junky, most likely just barely maintaned apartment for 25 years.

That's my bare minimum.That 50% for expenses includes the items you mentioned, Doug.

If this is your only rentals and you're barely able to scrape together your mortgage I'd be very careful.