I plan to use this home as a long term rental.

I feel like the closer to the city the better investment as long as it's within a reasonable price and safe. 

Long story short they were about to lose their home and I made a deal with them to buy it but it needed to be taken out of bankruptcy and gone thru probate.

The numbers on the deal are below:-$6100 PITI (5% down owner occupied)-$2600-$2800 monthly rent per unit-Off market deal near Richardson High School-Both units fully renovatedI would essentially be betting on the long term appreciation of the DFW real estate market as well as long term rent growth.

(option to go to 24, but I want the initial project to begin locally.)Location- OhioMarket type- Local, within 8 miles to meBuilds- Identical 2700sf, 4 bed, 3 bath , placing the same structure that meets the tenants criteria in 9 locations.Debt: Seeking a refinancing option  based on a 9% cap rateThe difference ( 450,000 x 9= 4,050,000    vs    NOI of $384,261 / 9% = 4,269,576 or $474k/property + tenant)with our continued rates of appreciation and a standardized tenant/lease structure in place, this should be a win for everyone.Who has a solution?

Would that be allowed as long as we are not personally working on the house?

@Tyler Case you would need to be in a deal for the long term on a rental where you have a 3-5 year hold period.

I would think this would play a role in your vacancies and retention for tenants as long as they are screened correctly especially in south AL!

Long term rental?

3 months of rent receipt from 7 out of 7 should do the trick if you want max leverage, 5 out of 7 would probably do the trick for low LTV as long as one of those 5 is the big unit.