Someone can easily sell you a mispriced (it doesn't matter if it's intentional or their own error) property and you'll be stuck with it.

If the current manager won (results wise), he keeps his job and above market compensation after bonuses.If the new manager won, he replaced the current one.He found this to be a highly effective way of keeping his pay per click managers highly motivated  to continue optimizing the campaigns to the best of their abilities.This is more easily done in the online world, but I wonder if such a competitive incentivization scheme would work between property managers as well.

I've bought a bunch of rentals for less than half of the market value that needed little or no maintenance and that will easily cash flow using the 50% rule for expenses.

Not income, but living expenses.6) Now put everything that's left after the essentials toward the house.By the point where you're dumping as much as you can toward the house payment, you may be able to easily handle the adjustment.I would call and see if the lender will let you convert to a fixed rate.

Similar numbers to yours: I have an investor I network with in Michigan and there's a property under contract in a great rental area that $21k would include the rehab work and it would rent for $650 easily.

I can understand them in detail, and could easily (and did) construct them myself.

(Years ago when I bought my first rental, I wanted a 3bed 2 bath in a middle class working area, no-low crime rate, that would rent easily, sell easily, be a place I would live in, and would rent at a rate that average working folk would be able to afford, that would give me a positive cash flow, with hopefully little repair and maintenance issues.

Sorry but I don't thing I can get past that easily, DUH!

I could easily get the money for this home by refinancing the mortgage on my house which would save me a point or two in interest and may not raise my payment more than $20.

If I was shopping for a new primary residence and got emotional about a particular property, that's a different calculation of 'value' entirely :-) In my experience recently, the banks seem to care more about you being able to close easily than about how much you are offering....