(He also carries his own insurance)He averages about 16K to 18K a year from me.

Multi family units are of prime interest as well.My background is industrial construction management, presently on assignment in Northern British Columbia.

I rent market rent and keep it there and if something happens in the local economy where the market rent still holds but is having some fluctuation due to a amajor source of local industry failing or something else; and that tenant stays, then I keep it the same if an annual increase would harm the investment or hurt the vacancy rating.

In my area, you don't need a bachelors to work in PM and I would argue with anyone who felt I didn't qualify because of not having one, but that's another rant :)I was an EA in another industry prior to enter RE..

Also, some other considerations: Did you rehab it with higher end appliances & fixtures, custom finishes geared toward attracting better buyers, or is it more renter-friendly (average for the area & won't upset you too much if/when renters damage it)?

This is an awesome industry... full of cash and freedom.

Try to find out what the average length of tenancy is for the type of property you're investing in.You have a great plan for your investing and I really hope to watch you grow as an investor.

Also what would the average price per lot you guys would pay to own it?

The average wholesale property near them can be purchased 70% to 75% below market value from as little as $25K FSBO(of course an investor is going to want a nice amount more even for a shell).

While any particular unit may do somewhat better than 50% and some can do much, much worse, that average is well supported by those large datasets.