Thanks for the info @James Brand I'm hoping to purchase my first duplex, triplex, or quad in 2017 and was in need of areas to start looking.  

You are still allowed to reject that unauthorized roommate if you find criminal or other negative findings from the screening.If you decide to approve the new tenant, just draw up a new lease for a 1 year term (or your choice) with the new rent and make sure all roommates are included on the lease. easier that doing addendums for rent and roommates etc. and you get them to commit to a new 12 month lease so you dont risk move-outs in the middle of winter.

@Christina McManaway thanks for the responseProperty management is included in the 9500 (the property manager gets free rent on a 2/1/1)2/1/1 gets average of 650 (3,200)3/2/1 gets average of 800 (6,400)These rental rates are older also.

Include the high property taxes, and it's tough to find a the right BRRR property.

After all expenses including mortgage, insurance, water, property management, cap ex, turn over, everything, I'm making $2,000/month which is 15-16% cash on cash return.

Hello everyone, I am brand spanking new in the real estate world.

However, this just makes my decisions even harder because I cannot get a good grasp on what my goals should be prior to purchasing.I can see how including many investors into the equation can make it difficult, but what if we simplified the scenario by just using 2 investors, me and a friend.  

And this year 2016 is my best year as far as my salary goes, including tons of OT. 

I used mostly credit cards and borrowed money for the purchase down payment and rehab cost, and now that we're finishing up I'm doing numbers on payback and the next property.I want to keep up momentum and start the next project soon, but by my count, it will take me somewhere around 5-6 months to pay off all the debts I incurred in the process of purchasing and rehabbing the house (not including the mortgage). 

I am including the few days to even get the transfer started & then its 3 weeks or so after signing the LSA/PSA, wiring funds, etc.