@Christopher Baustert   I know it sounds great what your talking about however the reality is collecting said 900 dollar rent over time.... after you do this and have 2 to 3 years then you can see if it was a good deal and if you actually got your rent... that's one tough market for rent at that price point. good renters don't usually want to live were houses are being bought for the price of a nice dinner and a good to great bottle of wine:)

Principle paid is not income, it doesn't increase your cash return as your loan obligation remains the same or nearly the same, it shows in the balance sheet, not your income statement.Play with your numbers, run spread sheets, imagine what ever you want, you're day dreaming and wishing, don't have time for that and neither do you as it doesn't do anything for you in reality, when you get back to reality study laws, compliance, ordinance requirements like those you asked about so you actually learn something.

It's in the File Place section of BP at: Buy & Hold EvaluationOne caution on this spreadsheet .. you can develop a deal "on paper" that may not exist in reality.

I have heard bad things about "payday" lenders but this is my first encounter with the reality of what is being done.

In reality, it probably won't happen as long as things sail along smoothly ... it is unlikely the bank will even notice the registration unless something else gets their attention - like an approaching end of term.

Instead, I want to ensure you have your expectations set appropriately and set goals you can control, because the reality is you can't control when you get a deal. 

The reality is low end rentals will just eat out of state investors lunch.There was a thread a while back on BP that asked for anyone who had lived in CA or other areas and invested out of state that has been owned for more than 10 years.. the responses were crickets on BP...

Many times a newbie investor gets suckered into buying a property with the "cash flow = rent - PITI" myth, only to be in trouble when reality rears its ugly head.  

The reality is unless you are destitute and your child is dying and you cannot afford medicine it really is not an important issue you are stressing about. 

The reality is, they are out there in some meaningful significance.