Assuming the property has no immediate repairs needed.Landlord pays water go 60% for expenses.1,600 rent X 12 = 19,200 a yearTake 19,200 a year X .40 (60% costs) = 7,680 NOISo at a 10 cap purchase is 76,800If you use 50% costs instead a 10 cap would be 96,000 sales price.I wouldn't do this because of putting 15,000 down for marginal returns at the price the seller is wanting.Why don't you put no money down or pay a small option fee for 90 days to see how the property runs and functions.

Right now that would be about one page, just the basics.If you have a portfolio of homes and you are seeking private money or loans from local banks then one might be helpful.People spend all kinds of time and energy, even expense, on entities and business plans and don't even own a rental.There are things that are critical to learn about investing and being a landlord that will require time, effort, and sometimes money.

Understanding the various pros and cons of rehabbing vs wholesaling is a critical aspect and at some point I will take action when I've solidified what I ultimately want to accomplish as an investor.

I have been doing lots of reading up about Tax and other issues, as well as trying to locate a market.I have a few questions, but I will start with this one, because its critical.

@Adrian Rice,Education and Experience Are Critical to SuccessThe real estate profession is extremely complex with many intertwining segments.Because of the complexities of the real estate business and the need to be more competitive by knowing more, education is critical to enduring success in any business - especially in real estate.I understand your financial challenges, however, making mistakes can be much more costly over a very long period.

@Lubasha White Hi, almost missed this, use the @ function and you can get the attention of anyone who posted in a thread. $1 sales have nothing to do with notes, I'm sure of it, LOL OPM is lingo for other people's money.

I thought the quote function use to send an alert to the party who was quoted or mentioned.

Right now we're looking to build a critical mass (~10) full time coworkers as fast as we can.The vision is similar to a next space or sandbox suites, but focused on real estate.

This is critical.

@Riley- you have the right idea in terms of trying to do things for Cash Flow.Ironically- there is a function tomorrow @ the NY Hilton: www.nycrealestateexpo.com In general, you would have to immerse yourself in the RE community.