And make sure to account for the following expenses:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance a) Property Hazard Insurance (0.3-0.45%) b) Flood Insurance c) Earthquake Insurance d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy) a) Water § Sewer § Garbage b) Electricity c) Natural Gas d) Propane9) General Maintenance (usually 5%) a) Upkeep § Landscaping b) Snow removal c) Repairs d) New Appliances e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...

There are other areas in Miami that you will earn better profits specially if you consider investing as a Short Term Rental, like Little Havana, North Miami Beach and also Little Haiti, those are areas that are developing and the return on investment will be much more attractive.

I remember almost buying a 9 bedroom 2 bathroom house (1717 NW 67 ST) close to Brownsville and seeing a whole block roped off with yellow tape because someone got shot... let's just say that's the first time I was concerned about my safety while buying a property in that are.If security is a concern, I'd stay away from Brownsville, Allapattah, West Little River, & Little Haiti. 

Then the structural engineering, any requirements such as solar, fire sprinklers, that is required  per code, and possibly  earthquake standards, (depending on location), and all the sudden that circular tiny home is a million dollar project.  

I remember one in RIchmond, CA , that was on a hillside, close to a earthquake fault and no normal building was allowed.

I'm presuming that's due to earthquake coverage.

Thanks.Mike Between the title insurance policy and your homeowner's insurance policy, you're pretty well covered, but by all means ask your go-to insurance guy what specific stuff his policy covers, and ask your escrow officer what stuff her policy covers.Location specific natural disasters often are not covered by the generic policies, earthquakes in the case of CA and...

For now, I'm starting off back in my hometown (where there definitely aren't any earthquakes).

I'm not convinced you would do that much better in the midwest all said and done.Really, the only risk I see is an earthquake.

We're not in an earthquake zone, but could that still fall on someone?