Then separate accounts too for other stuff like capex, vacancy or repairs.i.e.bank   123 main   456 blvd   capex   repairs

I'm okay with a buy and hold strategy doing occasional improvements when vacancies arise. 

If you finance the full $200K at 30 years your payment will be about $1K + $1K pad rental + taxes + insurance + vacancy + cap expenses. 

You may get lower cost management for a 6 unit property, because the manager is not running all over town to service your properties and collect rents.Another thing to consider is your debt service and your vacancy risk and how they relate.  

Vacancy costs lost more, and so do evictions.

I'm not good at telephone pre-screening...I admit it...So, from what I've read, it's important to emphasize your requirements, whatever they may be....for example, income 3xrent, no evictions, no felonies, no pets, 2 most recent pay stubs...again, these are just examples.I'm going to have a vacancy and I think it's time to admit my short comings, even though I've been doing this for years...since '94.I feel it's easily the weakest part of my landlord skills.Any advice is greatly appreciated.Thank you,Arnie

I included 5% vacancy and 6.5% repairs/expenses. 

Rental vacancy rates are under 1% right now causing a huge increase in rents.

1) Current home (to convert to rental)Bought for $245K a few years back, monthly PITI of ~$2,000 per month (3.125% rate 15-year mortgage with 20% down)Can fetch fair market rent of ~$2,000 per month once we move out and put on rental market; with some vacancies and maintenace built in probably more like $1,500 per month in net rental income per monthGreat neighborhood in NW Houston suburbs with lots of nearby commercial/retail development as well as excellent 10/10/9 schools, so good price appreciation potential2) Target purchase home (to move family into)Looking to buy ~$175K home, much smaller square footage, with monthly PITI of ~$1,300 per month (assuming 4% rate 30-year mortgage with 20% down)Probably will buy in same neighborhood given great schools and retail developmentEssentially, I would gain $1,500 per month of rental income from the old house and assume an incremental $1,300 per month in PITI from the new house, so this would seem to help me generate some income

It has been rented out for almost 5 years with almost no vacancy.