I am in the last few weeks of escrow on my second sale and have a significant amount of equity since I purchased during the recession in the North bay of California’s Bay Area.The challenge for me now is to find a good deal to roll this (250k) into that cash flows and will appreciate.

How would you approach raising rent on these exiting tenants?

I wanted to try a different approach as I'm sure absentee owners are getting flooded with postcards and yellow letters from different investors.What are your thoughts on these lists working in the Memphis market?

If you want to challenge it, then they require you to pay for an appraisal (which in most cases, is worth it).

I'm in the loan process right now and I approached my insurance agent for a homeowner's quote. 

I really believe that I am up to the challenge and that my experiences as a soldier have given me many skills that will enable me to become a successful real estate investor.

You'll never remove all risks.The sequence of doing ceilings then flooring is just the way you'd approach doing those two items, and that's speaking from my experience as a GC and a PM.

This number isnt taking rent increases into account.Looks pretty ok on paper (unless I'm missing something and it doesn't)The breakdown for your first example would have the sponsor (who I'm assuming is me in this scenario) receiving:Acquisition fee: $1,750Asset MGMT Fee: $672 80/20 split when sold in 10 years: around 25KAnd since this is a smaller deal a more basic approach of 70/30: 4895/2098 or 8% back to investor annuallyDoes this seem to check out?

@Clark Kahawaii thanks for posting this.  4-plexes in Dallas are a lot scarcer than other markets and I've got some thoughts on just some things to consider:Comparables - with Multi-Family units in DFW finding comparable properties (comps) can be challenging. 

If you've got some self-important folks who are puffed up with their own power and ego, they'll likely go another.Here's how I would approach this:1.