Secondly, so true.

The deal seems too good to be true. 5-7 % without points is very low for PML.

@Ned CareyThat is a very true statement.

For qualification they include usually minimum payments on credit cards etc not the principal.If you're really low income, maybe it's better to find a lender who does "stated income" but there need to be proof: bank statement etc.I'd try another loan officer, maybe mortgage broker who would search for different options.Take a look at the topics here: there were explanations how Rental income would count and @Chris Mason even referred the source where to get the info first hand

If you subtract that from your rental income that is your true cost of buying cash flow (dead equity).

(Business cards, licenses, tool trailers, equipment, etc.) 

It was only the request to transfer money through PayPal rather than a credit card that tipped him off to a potential scam. 

However, I feel very confident this statement is not true since I can think of several REIAs that are nonprofit in the state of KY alone beside the KREIA. 

Has anyone on here eve hired an asset or portfolio manager to manage their real estate portfolio to have true passive income.

@Abad Marroquinare you capping the income from the POH, if so its not a true 17% cap when you do your P&L at month or year end.