I have an 8-year plan to build passive income through buy and hold rental properties.  

Spend what’s needed to upgrade with reliable mechanical systems, roof that doesn’t leak, remediate all mold; interior design modernized; in other words a place that will attract a higher income no hassle tenant.  

Last year I started my education on rental income and came across Rent to Retirement.

However, before you do so you should ensure that your revenue from rental income covers ALL your property expenses in the townhome, including mortgage, taxes, insurance, maintenance/repairs, vacancy, property management, etc...

Rental income is subject to tax, but it is also possible to deduct many costs related to owning and maintaining rental property, including property management fees, repairs, and mortgage interest payments.Additionally, for those investors holding properties in Germany for the long-term, the country's capital gains tax law is attractive.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

If you're looking for steady rental income, Cleveland could be a solid choice.

Here is the link to the calendar for you to get an idea: https://www.alamoreia.org/Calendar.aspxThere is an annual fee to become a member of a REIA, but you don’t need to be a member to attend certain events.

For instance, the SEC doesn't define income or net worth for non-accredited like they do for accredited. 

If you did, you could take advantage of some unique strategies, like renting it out while traveling (as long as it’s for 14 days or less) and having that rental income be completely non-taxable.