This could get you in the ballpark but I would not commit to a deal based on their values.

Oh wow, where to begin............First off, by hiring unlicensed workers not only DOSN"T protect your liability, it INCREASES your liability.

That said, the key is that you need to actually find those 15% investments and manage them well enough to ensure that they continue to return at least 15% into perpetuity...With some experience in REI, this shouldn't be too difficult in today's market; just make sure you have some knowledge and experience before committing all your cash.

If this isn’t done then you have the flimsy feeling you are describing.

You don’t lean to ride a bike by reading a book or going to a seminar.

I don’t mind the idea of a consumption based tax instead of an income tax.

Brooks: What starts with a C, ends with a T, is hairy, oval, delicious and contains thin, whitish liquid?'

As David mentioned if you have hundreds of units you can make a little money with volume.I focus on my own investments and brokering deals as that is the highest and best use of my time over anything else I could be doing ROI wise.Christopher with just a few houses you have to watch out for residential agents cutting you a deal on the side to manage your houses while they wait on a regular deal to close.You want a management company that has systems and processes in place to protect your investment as much as possible as that takes infrastructure, training, etc. where the PM company has to charge certain fees to survive.If you have time you can do it yourself but if you are making hundreds per hour doing other activities then it pays to factor in PM costs and have someone else do it.I don't see you finding a PM person to take care of "all the s&*t" for you and you do the easy part and give them a small fee in return.

Hey Todd T - Check out this blog post and especially the comments below concerning this: http://www.biggerpockets.com/renewsblog/2012/10/14/rental-price-cash-flow/It's got over 100 comments already - its a fascinating discussion.

I don t have an answer for that.