Live way below your means and save the majority of your income.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

The rates will be lower and will allow you to maximize profits.

Auction.com for some 66% or so of the preforeclosures in your area, other trustee's run other auctions, but auction.com has sucked up the majority of the business nationwide.   

You are excluding possibly the majority of available tenants to focus on the most difficult to manage and the ones who are most likely to leave your property heavily worn and damaged, all other things being equal.

Since you just starting to rent it out I would include the down payment and any major repairs you have done.

Reinvest profits, stay patient, and keep building toward replacing your income.

There are major differences between SFH, small and large multifamily, though. 2.

I have stayed profitable, for now.