I have a house in 02 that I cleaned up that has neighbors selling for $2M.

It was driving my wife crazy.Long story short, I had fallen behind on my outdoor chores and hadn't cleaned the gutters in much too long. 

I do this by charging a rental rate that is inline with mortgage rate which is usually less than rent, this is what generates all the interest. 

After the costs of:- Annual city fees- County Tax- City Tax- Income Tax- Booking fees- Cleaning costs- Accountant cost- PITA from the city- My time actually booking or cost of someone else booking- etc.I end up with less than I get from leasing.

Objective is to purchase a an owner occupied 3/2 duplex or triplex, with a 75-80% ARV (for under $325k; financing 80-85% via conventional mortgage via portfolio lender), in South (north of William Canon) or Northwest Hills of Austin, Texas that generates enough rental income to pay my mortgage, taxes, and expenses enabling me to live rent free for a year and then cash flows positive the year following (so I can purchase my next property).

If you have been accounting for this improperly that indeed will need to be cleaned up since it sounds like you may have not given proper credit to the Buyer/Borrower's payment to principal.Stop making this about a regulation that you do not really understand and make it more about what you are doing and how it was actually setup.  

Hi guysQuick post to say hello and introduce myself briefly.Live in Wilmington NC.Been absorbing info from BP podcasts on my tedious 1 hr commute - thanks Josh and Brando, you keep enlightening me.My grand plan is to rehab and flip properties to build equity to get buy n hold passive income generation, with a view to employment replacement or at least to subsidize it.So that my plan in a nutshell.Say hi if you're in the area, or just say hi cos you're nice.Thanks guys

That's a time waster for us, so I have a deal-scrubber who talks to the birddog lead generator. 

And I stumbled upon a local community group specifically in that area that cleans, fundraises, etc.Property is newly, if slightly rehabbed (last month).

The sellers have kept the property immaculately clean and fully updated to today’s standards.