Yes, paying but I like a contractual relationship rather than a mentor who I'm not sure how much time I can take from them, etc. and that will hold me accountable, has done a lot of deals and is truly doing it and I can learn a ton from in addition to all the other supplemental podcasts, books, forums, meetup groups around MF.  

Don't forget to factor in the HOA dues as part of your monthly operating costs because you'll be paying them as the owner.To answer your question, it is best to use percentages in my opinion.

@Dakoda SpencerZillow shows tax information but you will also want to verify it on the town website because there may also be an additional town or school tax.I would probably pay cash for the property if rent is going to be so low because you will need some money to cover ongoing expenses.

We did pay two payments to Bridgewell, but that is all.  

I pay about 150/m for water/sewer/trash.

Every time we are able to get just enough to pay one bill, four bills come due immediately and we are back where we started.  

This truly gives an idea of what interest rate you were paying yourself over the term of the deal.

We have either a 1 year or 2 year lease, that's it.As far as keeping the tenant on the property, if they keep the property up and they do what their are asked to keep it up and they are paying with the late fees, I say keep them.

I knew the property very well and when running my numbers, the most I could pay for the property was $70K, maybe $75K absolute tops-- because I thought the property had great potential as long-term rental (not as a flip).

I ended up getting 3 roommates and collecting $900/month in rent while only paying $575/month mortgage plus utilities.