Short of that, the deal seems to be solid once you're able to bring in current market rental income to each unit.

Hi all, Do you guys pay income tax on the rental properties you own in the city of Cleveland?

Rents are higher, income is better, appreciation is higher, your basis is lower, and you have much more equity to recycle that cash.

Remember you have to pay income taxes on your profit, figure 20% for that....

From a lender perspective, multi family is also a great strategy as the income of the other unit(s) will help you to qualify for a higher purchase price.

If we only have $1200 coming into the rental account as income what is the best strategy for paying the mortgage?

I would also make sure to know what type of financing you will be using--the traditional choice is a second home loan, but this doesn't allow you to use future rental income to qualify.

While I can’t entirely say for credit score, a good rule of thumb I’ve found is to have paystubs that verify 3x rental income in monthly income for whatever tenants are paying for property.

For me, it was my way of easing into the rental business and also a way for them to start living on their own.So I get less income than I could AND I lose tax breaks?  

At today's rents that's decade(s) of net rental income even when taking into account any potential increases.Rents however would get $3k/mo on the high end, and more realistically around $2.6k/mo.