Currently finalizing a deal for another property with a different individual investor where we will have the same payout model, but they will put up a bit more cash to cover all the admin work I have to do to set things up. 

This allows you to pivot when you can get a more favorable situation.Renting:Pros: Flexibility, less upfront cost, maintenance covered by landlord.Cons: Limited equity building, rising rents can strain affordability.Buying:Pros: Potential for long-term wealth building through equity and appreciation.

Hi Owen- Most others have covered the specific areas to consider.

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

They managed to cover the mortgage and still had a comfortable place for family vacations.

Plus, building those relationships with contractors and suppliers while gathering numbers can lead to better deals down the road.

If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

If they are taking out a few breakers and a fire happens insurance will typically not cover anything.

The reality is that insurance will cover your 16-year-old's accident.

I would offer it on a land contract to someone wanting to live there for around 1500 and small down payment or sub2 with a large down payment and monthly that would cover PITI.