@Candace NoelI'm in total agreement with you on getting into a good, symbiotic partnership. 

If you can do repairs for a cost that keeps your total investment below $40k and hit the $700/month, then you are in a sweet spot!  

Hi, I'm totally new to the forums but I have been listening to the pod casts for months now and have learned so much. 

What you said totally makes sense.Do people usually use the cash out refinance option to get the cash to actually put towards the next property as down payment?

Other things to consider - do you need cash flow, do you need cash out of the sale (which will be taxable, but could do a partial 1031 exchange), what will you buy as replacement property on the other side, do you want to manage real estate on the other side or have totally passive real estate...If you’re considering an exchange, want to be hands off, and are an Accredited investor, you could exchange to a DST (Delaware Statutory Trust).

The DSCR is the Debt Coverage Rate which means Annual Net Operating Income divided by Annual Total Debt Payment.

@Tuan Tran Total gross rent per year minus expenses (not debt service) equals Net Operating Income (NOI).

@Jamie Hall  Ask the following questions to all potential brokers (in addition to commission splits, fees, etc.)  1)  Who will be my mentor, what is his/her experience in total # of MF transactions broken into buyers/sellers, how available is he/she, and what expectations (if any) will he/she have in return for advice (beyond commission split)? 

Since I wouldn't have a mortgage payment for two years, that was my plan, just save the money to apply it to the principal, however my fear is based on how hot my market is right now, so im afraid in two years would be totally the opposite. 

Obviously, I need to improve my lead generation to find more motivated sellers but the subject of price lead to do some reading on different financing options.