I just checked it out it appears my score on that site is pretty low.

My advertised rental that he wants is $475.00 per month and so it would appear that he should easily be able to afford my rental, except the only proof of disability income which he was able to provide me from the Social Security Administration, dated: Nov 28, 2014 indicates only $946.00 to be paid on the 3rd day of each month.

@Matthew Schroeder thanks for the calculations on the cap rate it would appear that if Blaine wanted to leverage the equity in the units by maybe adding a few upgrades and flipping the units to an investor or someone who is more inclined to stay in the town then this may be more attractive. 

That would be about 58k purchase price which appears to make your numbers work now.

I'm looking to setup a real estate LLC for a small group of investors (all known to each other) and from what I've read it appears the Rule 506 best applies (bc we're buying a property out of state).

Anyway, my suggestion to you since it appears that you don't have much time for yourself due to work obligations and a little light on cash is this.

Tile with a wood appearance might be another option.How long does your carpet typically last in the bedrooms? 

That being said, you appear to have a great equity margin in the property you're looking at.

With bigger pockets newest book having the phrase "no money down" in its title Id say get used to newbies appearing asking such questions.

Now let's say you buy a FOURPLEX......again....not a duplex or triplex, but a Fourplex and you OWNER Occupy it.....it appears you can evict the tenants (and put your own tenants in) if they (have been living there less than 5 years, are not over 60, are not disabled, and are not catastrophically sick.In section F on page 3 of the following link it states that Just Cause Protection Applies to the following..........file:///C:/Users/bgarlington/Downloads/OAK036393%20(2).pdfA rental unit in a residential property that is divided into a maximum of three units, one of which is occupied by the owner of record as his or her principal residence.