He bought quality stocks and never sold them (never being a dramatization, as I'm sure he sold things over time when it made sense and was accompanied by a specific strategy of reinvestment).

We have purposefully stayed away from Beloit... there are some decent properties there, but we found that there are not enough quality tenants to occupy the homes.

The investments will vary drastically in price based on the neighborhood your looking in & will translate to the quality of tenant. 

And we found a great pre-finished lumber supplier for the siding and the tongue and groove that is saving us 10 to 15k a cabin depending on the size (and producing far better quality results in the finishes).It doesn't sound like much when you're looking at 300k to 500k builds.  

@D Kirk, I am all for saving money when you can get comparable quality work done for cheaper.  

But the question is whether one can actually achieve the proforma cash flow on older properties with a less economically stable tenant base.Based on your picture, you appears fairly young.My advice is buy properties in quality locations think long term 10 to 15 years - slowly and safely build your portfolio - equity and cash flow will increase over time and in 10 to 15 years you may become financially free.People talk cash flow is king but one can NOT generate financial freedom cash flow with $250,000 or $500,000 invested (equity).Even at a 10% cash on cash return, one needs $1.2M invested to generate $120K a year $10K a month.You want property to be self supporting so it needs to cash flow but once that is reached the focus in my opinion should equity growth which increases net worth.

Seriously, they are a lower-quality renter that poses a higher risk.

You will constantly hear of shortcuts during construction and the conscientious decision to use lower quality materials during the renovation.

I get more responses from FB marketplace but the quality of the responses from Zillow rental manager is stronger (judged by who views the property).how many people have responded to the ads listing it for rent?  

From what I've seen through pictures, the quality is sub-par (e.g. bad patching, no primer used, no corner bead used, etc.).I have recently started to get more strict on timelines (this is now 2mo delayed), and now he is halting the work.