The distinction to make is that mentors are there to give you guiding principles that they have used but they are not your coach.

So my plan was to pay an extra $159 a month towards principle and another 2k around tax season to get the PMI off in year 5 (which is the minimum requirement, 5 years AND 78% LTV) A simple online payoff calculator will do this for you.

I currently don't have much of a history of managing rentals so I want to get a good idea before jumping into one.Gross rents (assuming renter pays WSG & Utilities)- Principle & Interest- Property Taxes- Property Insurance (Property Value / 1000 * 3.50 for annual estimate)= Gross Profit- Property Management (10% of Gross Rents)- Cap Ex (I figure on 10% of Gross Rents) (new roofs, painting, furnace, etc)- Vacancy (I use 95% in my market) (could probably get away with even less)= Net IncomeDoes anyone have anything out there that I should be accounting for that I'm not looking at?

My experience with the Larry Goins Group contradicts several of the points in their  Mission Statement and Core Values:I take issue with the last line of the Mission Statement that reads:"based on ethical, moral and biblical principles."

Account ClosedWould you please explain what skinny contract offers and control & roll principles are? 

The face value numbers are intriguing: 7% preferred return with excess split 70/30; 7-year expected hold period and after return of principle, profits then split 50/50. 2% acquisition fee of purchase price and ongoing 5% fee (EGI) for management.

I'm putting extra on the principle every month to help bring it down quicker.  

would love to hear the thoughts on flip specific bugaboos to watch out for and guiding principles to keep in mind that are different from BRRRR/hold strategies.thanks!

@Bryce Peterson,I'm usually a "principles person" who don't easily let go. 

Keep in mind that the more units you add, the debt service (principle, interest, insurance, taxes) still need to be covered by 75% of the rental income for FHA to approve.