welcome to BP @JD Thornock , just make sure you do your due diligence here in texas, cause you can get burned here to, not including the summer heat

FYI - The quotes do include wind (hurricane) coverage which is a necessity around here.Are these quotes typical?

thanks, will look into it...and QB, yes I did the work around myself, with excel and combining the info from the P&L, Trial balance and original investments, but that is a real pain... 

I am upfront my down payment comes from a cash out and no one has rejected me yet.Counting all your rental income to offset current mortgages is key (including the cashed out, now mortgaged duplex).

So this is the path I've chosen to follow up to and including being part of my retirement.I believe that networking and gathering real life experience from doing work myself along with following other's guidance (who have been there/done that) will garner me more knowledge and success than paying "gurus" thousand of dollars for bus trips through a city and region I already know well.I am still formulating a 5 year plan (yes, they are passe now a days but I'm old school) and I feel the first steps would be to connect with other REI's, join the local REI Groups and begin growing my network.Any guidance, advice and suggestions from this point forward will be greatly appreciated!

My townhouse is purchased with an FHA mortgage and has PMI as well as HOA of 192/ month that includes water and basic cable.

He and his wife have a high combined income, but they have some credit issues that may disqualify them for a mortgage today.

I've been more active on here in the last week than FB and IG combined in the last year lol.Give me a shout if you make out here.

I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?

Combine through the forums.