@Paul Jamgotch I'd love to get a write up from you after things go all the way through to get the whole story.

And to some degree, I think, in subdivisions, a few bad apples can spoil the whole bunch with the Realtor community and the neighbors and so on.

I will get back about $2K at refi closing (would be $8K if I had the property for six months before refi) so In the end I will have about $15K cash out of pocket but an instant equity of about $33K plus monthly cash flow.It all depends on your area as far as what is achievable; in Houston, the housing market is cheap and exploding.If you want to be completely passive then you should look into a property management company; in the end, its all about the numbers.

I am obtaining my RE license though, figured it would help educate me in the market in a whole.  

I typically am able to achieve this with no $$ down as I get an as completed appraisal and ensure the property appraises for the $$ I need to buy and fix at 80% financed.About a year ago, I got a great deal on the MLS and was able to buy the property, fix it up and still have roughly $20k of equity in it (at 80% value- DETAILS-bought for $50k, invested $30k, appraised for $125k.

With 1031 exchanges, 'keeping forever' takes on a whole new meaning.

That is mass blast a whole zip code.

If you want to get direct with sellers you need to do mailers, internet, and a whole host of other strategies to get in front of them.

If you don't have a whole bunch of properties, you can manage yourself, at least until you network with other investors who can point you in the direction of a reputable PM.

Do I split the whole buildings value into 6 ?