You'll likely end up paying short-term capital gains taxes if you sell within a year, which can be pretty high since it's taxed like regular income.So, before diving in, make sure you have a solid plan for these scenarios.

@Eli Jerman I post regularly about asset protection and entity formation.

I'm wondering if I'm missing anything: Mortgage (20% down, so no PMI) HOA Electricity Gas (None, as the new construction house has an electric stove—everything is electric) Water Bill Camera Security System Internet Lawn Care Regular MaintenanceQuestions: Will I need to pay for trash? 

Even if you rent to someone who doesn’t have full custody of their children, you need to delead if the children will be staying there regularly, such as on weekends.

Those are properties/parcels that didn't sell via the regular tax sale. 

Was this on a regular interior lot where the garage was behind the house or was the garage on the side of the house; was there an alley behind?

I always recommend accepting pets, but you should know how to screen them, monitor them, and have strong policies in place to stop problems early.You should regularly monitor your market on Zillow, realtor.com, apartments.com, etc.

Unfortunately it’s not capital gains because you owned it less than a year, its regular income tax.

I am thinking of converting it to a regular apartment so rents can be raised easier and increase the sale price in 2-3 years. 

This happens regularly, according to the on-site care taker of the property.