Both are technically correct, but because the adjective form can be used to describe any property that is tenant-ready, it can be used in discussions of REI wherein the investor finds the prop themselves and hires a PM, like you're suggesting, which is more of DIY method (ok, not completely DIY, but more so than in the definition below).

Looking for any suggestions on good insurance brokers in Georgia?  

@Al Williamson -- I understand what you are implying by suggesting there would be an extra payment made each year, but that's assuming that the tenant is required to pay 25% of the rent each week.  

Once you're under contract, then you can fine tune the numbers before your study period is up.

It started as simple forms to help me, then before I knew it...My suggestion is to follow the reverse engineering steps I laid out above, then when you get to the beginning, turn around, and "follow the breadcrumbs".I saved the most important rule for last.  

For everyone interested in understanding the Memphis, TN market conditions I suggest subscribing to the Chandler Reports Below is their report for August:"August Real Estate Update Home Sales Memphis and Shelby County home sales continued to improve through the summer.

I will be upgrading the both units, and was wondering what you guys and gals would suggest as far as the quality of upgrades for rental vs owner's place.

I suggest giving the office closest to you a call and ask the loan officer if they do VA multifamilies, using projected rental income.  

Just for reference - we rent fully updated SFs and charge above market rents, so I am not suggesting slumlord conditions.

If you haven't run the numbers yet, I suggest you run a few properties through a calculator.