Aside from technical issues like Jeremy mentioned, it also depends on your market.

Technically you would need to adhere to the existing lease terms.Many tenants don't mind signing new lease agreements if you ask.

It is a great field, and the challenges are endless; however, at least in California the CPM process and experience requirements are pretty extensive.

You didn't technically pay this amount to anyone but it is part of the "investment" you need to be a conservative investor. 

Can you share your challenge with me?"

I'm not sure of the challenges of having floor vents pose when installing new flooring. 

Each place comes with it's own challenges.

It will be a fun challenge to be involved in!

Out of state has it's challenges too, but we have developed a good team of partners on the ground who are our eyes and ears there. 

Here are our current monthly numbers:Current Mortgage with PMI, taxes, and insurance: $2485Upstairs rental: $1500, so we are paying $985 "rent"Conservative projected numbers within 5 years:Mortgage (after refinancing out of ARM and PMI: approximately $2200Upstairs: $1600-1650Downstairs: $2300-$2400Monthly profit: $1700-1750Despite all the challenges, stress, and struggles I feel like this project was well worth it, we learned SO much, and for the most part, really enjoyed the experience.