That $200/month can easily be wiped out with some expensive repairs due to hard partying or just lack of concern for the condition of the property.   

Rdu is great, but it’s very expensive.

Unless you think the property is hot and you buying it with enough equity in it to flip (consider 2 closing costs, repair and operating expenses), I would not recommend to borrow the down payment.

When you eventually move out, then rent out your apartment, and then have 4 apartments that cashflow, pays 100% of mortgage, and give you about 500-600 after all expenses. 

I don't have final numbers yet because we have not sold and I have a couple more expenses coming in.  

You have a good plan.Continue to reduce your expense which will allow you to save more which means you can buy that next property faster.

I received leases and expense details prior to making any sort of offer from a few different properties.

MaxLastly, new investors often ask what to estimate for expenses.

Every investor has different goals, strategies, risk tolerance, etc and it all will affect how they decide to go about their acquisitions.That being said, when talking commercial real estate you ultimately have one goal: keep your income as high as possible and your expenses as low as possible which then translates into a higher NOI and in consequence a higher value of the property.

"  $475 for an attorney is not a bank breaking amount and yet can save you from a lot of future headaches and expensive mistakes.