We are 30 years old and just getting started on our adventure of building substantial side income over the next 10 years.

As a Floridian originally from Miami we've seen how Miami, Orlando and Tampa have grown substantially.

In your case, with a relatively low purchase price of $225k and substantial renovation work done, a cost segregation study could still be beneficial.

Too many newer investors are satisfied with any return (which can work in an appreciating market), but $1,000 a door is a good goal to look for because it helps handle maintenance because your intake is high as you scale.

After that you substantiate your costs with extreme prejudice.

Bonus depreciation allows for the immediate expensing of a substantial portion of qualifying property placed in service, including improvements to the property, while increased Section 179 expensing limits enable accelerated deductions for certain tangible property used in the rental business.Hope that helps! 

It performs decently, especially when considering that it can replace the owner's rental income or be rented out for cashflows, but after maintenance and taxes are considered, its unlevered total return from price appreciation and cashflow generation net of maintenance leaves something to be desired relative to gold.And this mediocre performance in unlevered real estate occurred despite the massive population increase that occurred during the 19th and 20th centuries.Our World in DataAlthough rural and suburban residential land is rather abundant, if someone bought land in a good neighborhood near a city that grew substantially, their investment likely did well.

If that's the intake, I'd just jigger something up with self-tapping screws and clips. 

Recouping your full down payment may appear appealing, but there are substantial challenges to overcome.

You will also be able to generate substantial cash flow , which you can use to purchase another property after that.