With large complexes you have a breakeven occupancy level in relation to costs.

Being licensed imposes some restrictions, but also gains you access to a large network.

Ambition is great but sometimes people have to know what they are taking on is too large for their experience level and risk exposure to the cash reserves.Sometimes you just do not know what you do not know.

Even you acknowledge you have a large backlog of deferred maintenance.

How is starting out investing in a small city vs. a large city?

I was lucky to learn some of the ropes from a very large Fargo ND property owner and am almost as cheap as he is in general :p.

One of the properties I ran cashflows on seems initially attractive -- 12.6% cap rate (and 28.9% CCR assuming 75 LTV / 30yr fixed rate loan / 6.0% interest, 50% expense ratio, and assumed rent 12% below rentometer.com's median rent for the area in which the fourplex is located (monthly assumed rent is 2.11% of purchase price)).Though my projected return ratios are attractive (12.6% and 28.9%) on this property, I'm not sure if the magnitude of the return is large enough.

The assessment went from $19,000 to $38,000 after minor rehabbing & he was renting it at the time.Then we got a foreclosure for $21,000 (it was a very large home & was assessed for $48,000).

I have a large number of investors looking for continued opportunities to lend money to exiting and up and coming real estate developers and builders.Hope to talk soon.Regards,John Rubino

But, you seem to be genuinely looking for opinions, so I wanted to add mine.A CPA is good to have, but until you are running a business with lots of ins-and-outs or a huge bankroll, a CPA is largely a reactive tax person... and not even a strategic tax person.