Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

The northwest suburbs of Akron are the higher  income areas.  

Additionally, the borrower no longer has any income coming from the subject property during these proceedings.  

I would spend a few bucks on nice ads in local magazines and/or do flyers in areas that are higher income. 

Purchase is ~$500k and rental income will be ~$100k.Also rates may go down resulting in increased cash flow via a refinance.The answer to your question is there are a lot of different ways to make money via RE investing, but it used to be easier to find deals that work.  

Check credit, income, and rental history.

I specialize in STR & Co-living concepts, which I recommend for the highest rental income potential! 

First, banks do not prefer W2 income over 1099 income at all.

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

A lot of our housing stock here has finished basements or in-law suites, so with something like that you can generate significant rental income for an inexpensive conversion.