You're learning about the eviction process, tenant screening (never "word of mouth" again), the power of a lease WHEN not IF a neutral third party needs to be involved, tenant/landlord laws, and managing tenants who don't care about your business the way you do. 

I'll gladly watch your video! 

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

There really isn't any "fair" cut of the profits, it's really just whatever cut each party is happy with.

I have done 100s and 100s and 100s there, thousands of move in and outs best part I live in Fl my PM handles it all.

We are looking at single family, and/or small multi family homes in the northern Illinois and southern Wisconsin areas.

With a budget of $300K-$400K, you could potentially find single-family homes or small multi-units in those areas.I'd recommend researching rental demand near universities like Duke or NC State or even checking out neighborhoods with strong job growth near tech hubs.

Lori and you picked me up in the Tesla and we almost ran over a homeless guy in Oakland hahaha I had forgotten that part.. I

Consider house hacking where you buy a multi-unit property and rent out the others.

I have found enough business and made enough money not to need to expand outside of this market.Section 8 is a whole different ball game but I find the program is unique in that it's a 3-party relationship adding the variable of a government agency.