It is a good rule of thumb to mandate renters insurance in the lease -- good point Jacob!

@Mike Alder  good luck I grew up in the business.. must watch movie for any land man is Glenn Garry Glen ross... you will see how all these lots you want to buy were created in the first place.land game dates back to just after the turn of the century  ( not 2000) when promoters went through the US creating mega subdivisions prior to any state or federal land development rules.. so you have all these old tracks and the parcels have been traded for 100 plus years.. lost at tax sale bought by someone like you or my dad.. resold on terms  those folks default or lose to tax's and the cycle repeats.Florida created massive subdivisions to attract residence's since no one wanted to live in swamps and such.. think Le High and Coral Gables..  

Overall, I think you can do better on your own or with a partner but I haven't ruled them outAdam

If you are doing conventional, then that opens you up to more possibilities..but you wont hit the 1% rule in those areas.

So understand the rules in your area before you do so you don't get an unhappy surprise."

I have properties that meet the 1% rule and are good cash flow plays.

I understand rules may be different in other states. 

Based on the 200% rule I can buy as many properties I want as long as they don't exceed 200% of the sale of my property.   

Their true intentions come out eventually.Be sure to read through the rules of the forums here.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Rental income average $835 ( 1 and 2 bedrooms mixtures )Property taxes around $22,000 per year ( ouch )Current asking price around 1.2 millionAfter running some quick numbers -> less than 1% rule                                                    -> 5 to 6 cap rate K.marie P.