Again, like Alan said I would just make sure the HOI insurance and property taxes get disbursed each year and you are good to go!

@Abhishek SinghalDo yourself a huge favor and take @Greg H. up on his offer. 

@Charles HoI am not a huge fan of the stock market, but use it for some long term goals. 

Most other companies have backed out of FL for HOI. there was another duplex listed [97k cash] right around the corner from there.

However, the income you're using will still need to support the new mortgage payment, property taxes, HOI, mortgage insurance, and other debt expenses.

Turns out the HOI quote i received for the duration of the rehab was way under what the coverage needed to be.

Purchase Price: $380kTaxes: $11,800 ($984/mo)Down Payment: 5% ($19k)Monthly Mortgage (including P&I, MI, HOI, Taxes): $2975/moEstimate Rental (low balling it)1 Bed Room apartment: $16502 bed Room apartment: $2400 (This is the area ill be living in during my time there)Estimates Total Rental: $4050Utility Cost Both units have their own separate meters so during my time their the only thing we'll share is the water.

@Brandon HoI hope you haven't deposited those checks yet.

Overall not at all worth it, I had to waste God knows how many hours explaining what was going on to the buyers, both sets of siblings, their parents, etc, and sure enough the underwriter and 3 levels of management above the underwriter were clueless as well, the appraiser WTF'd, getting HOI for my buyers was a pain, you get the idea.

Your on the right track but what is your HOI for the property a month?