And, James, thanks for that tip - I'll definitely keep that in mind as I move forward.Also, I definitely plan to honor the current lease agreement, I just wondered how to approach raising the rent when the lease was up, or how I can check the background of the current tenants so I know whether they are reliable.Here are some of the other numbers that I was able to track down today:Insurance: $692/year through one bank that I talked toTaxes: 567.76/year for 2013Using these numbers and an online mortgage calculator I came up with $262 for the monthly mortgage payment for a conventional loan.

I understand at a high level how refinancing works (at least with traditional 15yr/30yr loans) but was wondering how that comes into play when you have to pay a PMI.

This site has been a wonderful resource working through the entire process.

Thanks @Brandon Turner, BiggerPockets is a wonderful site and I am glad to be among so many passionate and responsive people in the real estate community.

I was wondering if anyone out there could provide their experiences and feedback on getting involved in these types of investments.

I am wondering if you have considered looking in Everett(former Seattle resident here) which would have a lot bigger market for potential tenants and potential lower house values in certain areas to get better returns.Remember depending on taxes, condition of property, etc the 50% is just a gross estimate.

My wonderful ASCII art didn't make it ... and here I thought I was so clever .....

Wonderful responses!

Please don't quote me :)If this is correct, however, I was wondering if this was a regional stipulation?

I was wondering if you had a minimum insulation or pipe wrap clause in your leases???