Additionally, make sure you have enough cash (or LOC) to handle unknown/unforeseen expenses. 2) Model it, sleep on it, then model it again.

We want an asset that has sufficient value as-is to cover our loan at 75% ltv.  

I use a great 3 level credit check service that helps me sleep at night.

It might depend how many years to retirement you have, your long term goals, and how much risk you can sleep with at night. 

Criteria – I will select properties that can be acquired with a 65% LTV with a cap rate of 5.6 to 10% (based on size of acquisition and financing in place) cash flow sufficient to generate a minimum cash on cash return of 11%.

increase in property taxes upon reassessment from property saleunderestimating loan closing costs and/or excluding them from CoC and IRRoff site management can be costly in tenant attraction and retentionhiring the wrong 3rd party manager...cost both $s and timedip down to too low of a tenant class or market and underestimate turnover and repairslack of lender connections - end up with poor termslack of proper debt structure knowledge - can end up without sufficient capital to properly operate the property, pay unwarranted prepay penalties, early balloons

Then you can get referrals from people you've helped along the way and sleep well at night knowing that you've conducted yourself in an honorable fashion.

This is definitely a decision to sleep on.

With repairs done and the attic closed in to a large sleeping loft/game room, I should be able to pull out most if not all money invested next year and net $1k/month.The deals are there if you look for them.

I go to sleep thinking about what I'll do research on the following day and get excited because there's sooooooo much great knowledge out there and here on BP that i need to absorb!