I see this is an older post (better late than never) Usually 1% of the purchase price is reasonable.

I am consistently helping my investor clients purchase move in ready 3/2/2 SFR's here for less than $300K.

If you can swing it and are willing to do what it takes to not lose the property if sh** hits the fan, then I would highly suggest purchasing in a more desirable area. 

I just purchased a unit in the Mount Vernon area close to Ft.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

There's always the more expensive reverse 1031 exchange but need to be able to purchase on the front end before selling. 

I have 10 acres of raw land that I purchased to put a house on that already has a well, power and septic available. 

I am a licensed Real Estate Agent in VA so the process of finding the homes/purchasing is not what concerns me.

If your family is contributing, you could purchase a multifamily home to house everyone, while renting out units you don't need.

Hi, Frank, if the seller only has one year of income and expense data, how can we figure out the right number to purchase?