However as a caring human, I don't want the tenant to have to wait a month (or longer) waiting for a part to come in.....especially when there are sales going on and a replacement could be in the house in a matter of days.But like I said, thank you for all the wonderful comments and opinions.

It's still very very new and a lot of people have not been introduced.

After all the comments here and a bit of deeper digging I'm starting to realize that after we fine a place to live, investing in a different market really is not all that out of reach.  

I expect cash flow AND a reasonable expectation of appreciation.

It is surrounded by a cabinet shop on the left side, a couple commercial buildings in the back alley that are used primarily as storage for various businesses and a bar on the right side.

I want to put a shed, to store the lawnmower, and a snow shovel.

hollywood fl deal my agent sent me. in between this and a single studio in galleria loft in fort lauderdale

So we take photos of the belongings before removal, and a photo of the belongings once packed up and stored.

Maybe in 5 years plus, you have the option to have the property appraised, or base the value on your NOI and a CAP, and pay 28% of the value to him?

Generally I would say that if the property is 15+ years old and not recently completely renovated a SFH would likely be in the range of 50% and a multi unit likely slightly lower, possibly as low as 40%, due to more tenants, higher cash flow and lower risks from vacancies.The 50% guestimate is based on the historic average of hundreds of thousands of rental units of all types over decades of accumulated data.