Then we take that money we keep liquid and put downpayments on larger properties. 

Since I don't really want to go the way of hard money, maybe they will give me a better rate up front and also get on their e mail lists for properties in my area.

Jerrod,One of my goals is to create an e-book to drive email subscribers.

My question is, do you have to deduct the interest on Schedule E against the specific property the funds were used to purchase? 

Hello,I have a tenant who is consistently late on rent payments, but usually pays before the 5 day grace period expires (after one or more reminders from me).

Built in 2002, it is a fully rented four plex (one unit is month-to-month so we would move in there).Current asking price: $495,000 (though originally listed at 474k, he upped the price after 16 days)Days on Zillow Market: Over 100Reason for Selling: To either purchase a SFH for himself and his GF or buy a commercial property, possibly storage unitsRents: 4,400 monthly (Owner said 2 units could be easily increased by $50 to $75 each)Expenses (annual)Property Taxes (assessed 2014): 7,754Insurance: 3,000 (guess)Maintenance & Repairs: 4,200 (guess)Utilities: 4,500 (average for last 18 months from water company, owner currently pays water/sewer/trash but there are separate water meters so we would look into passing this to the tenants as the leases expire)Advertising: $150 (only advertising is for new tenants when leases expire)Administrative/Misc Costs: $150Mortgage Insurance: $6,501 (from mortgage broker at 490k loan level)Snow Removal: $1,500 (as acountants, our busy season is during the winter and we don't have the time or patience to deal with this, there is a sidewalk + steps + driveway and back parking area to be plowed)Lawn Care: $150 (supplies fund, we will mow it ourself, first year expense of a lawnmower not included)Mortgage: 26,579 (FHA, 3.5% down, 3.75%)At 495kAnnual cash flow: $-1,684CoC: -9.72%NOI: 24,895Total ROI: 40.89%At 450k (keeping mortgage insurance at 490k loan level b/c I don't have other numbers)Annual cash flow: 762CoC: 4.84%NOI: 24,895Total ROI: 55.54%As it stands, my numbers are telling me this deal will not work, given the $100/mo/unit minimum standard most people are looking for here.This is the first deal that I have really looked at though as seriously buying, so I would love other people's opinions on my analysis.

Expired listings from Realtors.You may need to dig in your county records and find absentee owners that way.Public records will have pre-foreclosure records.Hope this helps.

Hey Nathan E. thanks for jumping in and introducing yourself!

As leases expire you can try to bring rents up as you make improvements, most tenants are more likely to go along with a price increase if they can see they are getting a better place to live.

Tell the broker to stop charging her E/O insurance per transaction (most do, not sure if yours does) for these transactions.