There is a lot to consider before you buy your first property.  

Quote from @Vince Abernathy: BRRRR Strategy - First property....

Raise the $600K, do the pre-development work, then “sell” the property to NewCo.  

The property has been 30 years since it has been updated and it is in need of a renovation.

The reality is that imposing expensive and time-consuming sprinkler installation requirements will drive property owners to either scale back necessary renovations or avoid permits altogether.Currently, when owners propose substantial renovations, they are often informed that their projects will require sprinkler systems, which can cost around $45,000 for a typical three-decker.

Quote from @Trent Reeve: Quote from @Jay Hinrichs: Quote from @John Underwood: At our 3 bedroom Lake House we have both.At our 6 bedroom Pigeon Forge Cabin we have 2 drip coffee makers and don't have a Keurig.So I agree it depends on your property. seems to me coffee pods would be much cleaner and easier on the host ? 

But a really good property, for what you can afford, in a good location like Charleston and wait. 

The property isn’t worth what he paid for it. 

Hello @Evan Thomas Andriola - I only have one property that does not have separately metered water for each unit (a Triplex with 2BR units).

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).