The formula for success is to pay 10% below fair market value of the property, with a down payment of no more than 10% and a mortgage with an interest rate of 10% or less. Anytime you do better than the 10-10-10 formula, you are just that much better off. This rule of thumb will almost always enable you to create neutral cash flow. Your rental income after you have owned the property for two years or more should increase faster than your expenses, so you should expect eventual positive cash flow.
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