What happens if the roof has to be replaced?

Your property is fairly destruction proof, costs near nothing to maintain, yet you can charge above market rents.If your property is nicer (class B) where the carpet alone might be $6k or more to replace when the tenant spills hair dye everywhere, you won't be as happy as in the situation above.  

I definitely would like to have my own personal BRRR properties etc, but I want to learn the market and learn the game and yes replace my W2.

Sewer line backup, ordinance & law, and replacement cost coverage are coverages I include. 

We couldn't see the floors (too much trash), but probably safe to assume those should be replaced as well.

If it all checks out OK, they could just replace that section, mud, tape and paint and it'll only cost you a few hundred bucks rather than filing a claim with your insurance.  

Let's say you were replacing windows.  

Do a 1031 exchange and buy two replacement properties - one for $250K cash and one for $250K using the remaining $50K of proceeds as your down payment.Once this is done your 1031 is complete. 

Let the tenant vacate, and you have one month to find a replacement before you incur any losses.

Maybe $8500 if I have to replace the appliances.