When you find a prospective property, you will want to go over the profit and loss statement with a fine tooth comb and compare it with typical investment property figures.

I go through with a fine tooth comb in the contract make sure you can cancel when you want to.

I have been combing through this forum for the last couple of weeks.

From my knowledge from combing through bigger pockets I was planning to add up - 50%(expenditures + vacancies) + PM fees + EMI. to answer your question about, whether it is being strict - I think its always good to be on the conservative side rather than being on the aggressive side.

I have also been combing the MLS in Jacksonville, FL for months, but I am not finding deals.  

Comb through the municipal or state property ordanance if you want to cite it but most places allow for landlord rules that you can change as long as you give them notice.

But go over the appraisal with a fine tooth comb.

Depending on if each of the family members are interested to do their own deals with you or you are combing the money into one fund and purchasing a property, there can be different structures. 

@Gabriel Combs I house hack a new property every year or two and then rent out the unit I lived in.

@Gabriel Combs I would never invest in something that has a negative cash flow.