Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

I hired a PM who agreed to manage my property for 8% of the rent.

That probably doesn't work well for rents, and the neighborhood will look beat up in 10 years, when almost every house got sold to investors.  

You can also go on zillow/FB marketplace to see what other similar properties are renting for around where your place is at. 

Seem like a silly question but I'm renting out my first rental in the Bronx.

These were financial mistakes we made when we were younger, and unfortunately, they snowballed over time.We currently rent but own a rental property out of state that cash flows $600/month and has about $190,000 in equity.

. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?

.- Over a 10 year period cashflow will increase as rents increase (rents typically rise faster than property taxes, insurance, etc.)- The property should be appreciating, if purchased in a good location, increasing the owner's equity/wealth.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

After all, you have no evidence they agreed to pay rent or any of the other terms.