Obviously that raises other concerns.Tenant selection is always a bag of worms and takes some background and skills. 

Here are the numbersPurchase price-  $750,00020% down payment $150,000Loan for $600,000 at 4.2% 30 years would equal to $2,938 month for principle/interest on the loan.Property tax and insurance will be $12,300 or about $1,025 monthI've included property management at 10% NOI or about $833 monthMaintenance at 8%= 8400 year $700 month2% vacancy $2,000 year $166 monthOverall roughly $5,662 monthly expenses with the monthly income being $8450 Cash flow of $2788.Based on cash flow the potential COC is 22% pre tax.My goal for the property would be to raise rents $25-$50 over the first year.

I'm born and raised in Hawaii with no formal education other than a High School diploma.

Since the low income housing financing ended in November, can we raise the rent to market or do we have to wait until leases are up?

Many small owners may quickly react to these pressures by raising rents, but a more deliberate approach is recommended, as oftentimes, even modest rent increases result in higher collection challenges.Here are three steps apartment owners should consider amid a fluctuating market cycle.1.

So I will leave the great state of Texas to Y'all    LOL.... rising tide raises all ships.. and that's exactly what I talk about that has happened to me in Charleston and Portandia..

If you can raise rents (given the strong demand) and/ or implement rubs (or put separate meters for the utilities) you could really increase the value to the property.  

Every time you raise your rents you increase the resale value of a multi unit rental property.

I probably can raise rent a little once I take over. 

You will probably even be able to resale the other appliances again.If you are going to rent it for two years, only add as much value as you will recover from the raised rent.