And another question - In BP‘s BRRRR calculator, how do you account for pulling your money out at the refinance stage (at 9-12 months after purchase) and as well raising rents through the years of ownership?

If you are not already, start looking at duplexes and 4-plexes on-line as well and evaluate them using the Bigger Pockets calculators.  

Like you, I got them at a big discount because the risk was higher.Cash for keys is your best bet.

(Well minus closing cost)View report*This link comes directly from our calculators, based on information input by the member who posted.

(Well minus closing cost)View report*This link comes directly from our calculators, based on information input by the member who posted.

You're probably not going to end up with any cashflow, but if all the bills can be paid and you can live in one unit for under $500/month, you've likely shaved at least $1,000 off your monthly payment by renting out the other units, and can use that $1,000 in savings every month to save for the next property or make improvements to the current property and increase it's value and get more rents.The real problem with this projection is that no one has a real estate crystal ball, and far too much can happen with the economy and politics in the next 2-3 years to be able to accurately tell you what the experience will be like in Phoenix.A real easy way to experiment with this would be to look up 2-4 unit multifamily properties on Realtor.com or MLS, see what the units are renting for, deduct one of the unit's rents for you to live in, and then use a simple loan calculator to see what your monthly PITI would be vs. the gross rents.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

View report*This link comes directly from our calculators, based on information input by the member who posted.

These are initial investment and yearly rental income.When calculating IRR, my understanding is that we should include sale proceeds as part of the final year cash flow.

This will help you account for the potential of under calculating real estate taxes.