Anything needing maintenance attention?

If I assume 8.3% vacancy and 15% maintenance, I would net around $500 / month.

Any regular meetings going on in LI?

Check out the city on VRBO and see what a typical property like yours rents for and how booked up they are.It would require more management, but a lot of those VRBO properties are very automated and I imagine you could put systems in place to have even fewer headaches than a regular rental if done properly.

I challenge ALL BP members to regularly ask the question,"So what if I do 20% fewer deals because I refuse to exploit all the loopholes I know about????" 

The reason behind is that we can't find any small apartments in our market that fit our criteria and second we would like to own it for 20 years or more, so building a new one will be less maintenance.

Think about what you can realistically do now to grow your savings and build credit, at what point you'd have enough to take the next step, preparation needed to get to the next step, and five and 10 year or longer goals.I'm currently in a holding a pattern this year, so you could say my current business plan is to read more real estate books, be active on BP forums, post my adventures and ponderings on my BP blog, do more maintenance inspections on our rentals, dream ad explore five and 10 year options, and work to reduce expensive tenant turnover.

Talked with all the property manages and maintenance folks every chance I could while at my old company.

I'm just applying the 50% rule that says 50% of gross scheduled rents will go to vacancy, expenses (taxes, insurance, routine maintenance, make ready costs, tenant damage in excess of deposits, utilities at least when its vacant, CPA fees, legal fees) and capital (roofs, floors, appliances, furnaces, sewer lines, etc.)

I live in Illinois so the upfront costs of an LLC are pretty high like 500 to 600 in filing fees plus whatever legal costs are incurred in drafting the agreement and operating agreement, and 250 yearly maintenance (have to pad the corrupt politicians salaries somehow).Another question I have is what benefit does an operating agreement serve?