Run some amortization tables for your self with a fixed rate for differing length of times.You will be shocked that the changes in the mortgage payments and the effects on your ROI.Ask your partner what's the advantage to creating excessive equity when that money could have been put to work elsewhere?

I am going to self manage & I have a couple other quick questions :I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use? 

As the rentals I own (and continue to build) are fairly turnkey I am confident I can deal with the few problems as they come up remotely; calling tradesmen to address issues, etc.

If you are confident in your numbers and that the $10k back at closing will sponsor the improvements need to begin raising rents then you shouldn't have cold feet.You may have some difficulty raising the rent $100 out of the gate but then again there may be some tenants you would rather move out...If you are happy with the current tenants I'd look for a way to stagger or amount...not all at once.

It's in a very good area of the city (Miami) and I'm confident it can generate a solid return based on the asking price, however there's just one catch (There always is!)

Even if you want to self manage you'd better believe (that when you sell) the next buyer (someone like me) will factor that in.  

This is for half of a duplex.Asking price: $75,000Offer: $75,000 (Yes, I offered what they were asking because there was a lot of competition and their asking price was way under market value)ARV: ~$110,000Down payment: $15,000Rehab: $5,000Closing Costs: $2,000Total out of pocket: $22,000Rent: $1,000Total monthly income: $1,000Expenses:Mortgage: $313 ($60k @ 4.75%)Taxes: $100Insurance: $80Flood ins: $0HOA: $0Maintenance: $100 (10%)Capex: $100 (10%)Management: 0$ (I will self-manage)Vacancy Allowance: $50 (5%)Total Expenses: $749NOI = income - expenses = $1,000 - $749 = $251/month cash flow.Wealth gain = ARV - mortgage balance - down payment - rehab - closing costs = $110k - $60k - $15k - $5k - $2k = $28,000CoC = 13.7%So, to me this seems like a really good deal and I'm worried I'm missing something because it almost seems too good to be true.

I'm a self employed (started an online business) living in El Paso, Texas recently moved from the U.K.

I am going to self manage & I have a couple other quick questions :I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use?

I do a lot of work my self, but on plumbing and electric i get a pro.