Well, Steve, thanks, now that I know they don't like all CAPS, to emphasize something that needs to be said, I doubt we'll have such issues.

My math with these new rents has me renting out the 2BR and 3BR for $950 and $1200 respectively, me living in the 1BR, and after mortgage/taxes/insurance/utilities I would break even if I bought this for $280k.

All the inspectors I have worked with have been very helpful and I believe the show of respect is appreciated.  

It is extremely helpful if the prospective tenant approaches the application process like a job interview-- is punctual, well groomed, polite, respectful, and communicates in an honest and open manner. 

It depends on your opportunity cost of your money to you, risk tolerance to your cash flows, how well you can manage your cash flow with reserves, asset protection concerns with exposed equity in your properties if any if they were paid free and clear, and overall tax profile with respect to income, deductions, available depreciation to shield your income and what you need to show to keep the ability to obtain financing going forward or not.

Lu,With all due respect...You are not looking good right now.Are you trying to sell it (as is) or or are you trying to flip it?

(About $12,000 and $175-200k respectively.)

Since I'm kind of new, I would like to analyze this while respecting his time and mine.

Start making phone calls and visiting with people.One thing I did was research property managers via NARPM.http://www.narpm.org/I called the property managers in my respective area and, at the time, asked if they knew of REI property agents.

While the development is a work in progress, I have found that renting Section 8 housing is a successful investment because the tenants tend to treat the houses with respect (because they aren't allowed back into the program if they fail to) and the government assists in the renovation and 85-90% of the rent payment.