In addition, I would want the total expenses to come out to less than 50% of the rent.

@David Ribardo and @Joe C jump in with any edits/comments you might have Purchase Price $149,900 (50K a door rule looks good) Three units total gross/month 2239 (1% rule looks good) Fixed expenses: Taxes 2517, Trash 1125 (375/unit in Allentown unless private collection deal previously arranged) Insurance: 703 Common Electric: 519Water/Sewer: 802Allentown Fee: 225 (75/unit/year) Variable Expenses:  Vacancy: 2239 (One months rent of each place, or 8.3%) Management: 1800 (50/door/month) CapEx/Maintenance: 3000 (1000/door) Total Operating Expenses: $12,930 Total Gross Income: $26,868Net Operating Income: Op Ex - Gross = $13,938 Divide your NOI by the cap rate your looking for and you have your offer price.

Update: I ran the ozone generator for about 10-12 hours total and from what I can tell the smell is gone (it's a 900 SF apt).

Instantaneous as I was holding the keys to hand to a new tenant.

My total cash to purchase the property will be $6,500 + closing.With a contract for $43,500, I don't think there's much room for a wholesale opportunity & a 30 year loan would increase my cashflow by about $40/mo but I can't seem to find one right now.The property is a 3/2, 1,000 sq. ft. the lease renews in August, month to month, at $825.

I am currently reading and watching everything I can get my hands on to increase my knowledge in the mean time.

I want to meet them, see them, shake their hand, everything, not just run the credit check. 

I am brand new and still soaking up every bit of information and knowledge I can get my hands on.

I know that I have a lot to learn and that it’ll require quite a bit of effort and time, and I’m willing to do the work, but the problem is that I’m not really sure where I should go to learn more and how to get started now.I've always been pretty frugal, and since I started working full time about two years ago I've saved up about 25k total toward a down payment.

I have been researching different routes and avenues but curious to get first hand accounts from others what their experiences have been.