Properties might eek out a few extra dollars each month, but you would need to have a substantial portfolio before you're getting enough cash-flow to even consider living off of rental income.

We bought at a great time (2011-2013) and at prices that equated to a "2% to 3% rule." 10% was way too high and a couple of years later he brought it down to 7%. 10% was unsustainable and 7% made it more break even.I am sitting on a substantial equity position but I would not do this again.

We have had a few calls from sellers who own their homes without a mortgage, which is great but as in the case of the one we are going to see today, have roof damage from fallen trees, which entails at least 5 days of rain into the home.I plan to wholesale the property, has anyone had any experience wholesaling properties with substantial damage?

Get caught behind some of those and you could be looking at losing a substantial amount of money.

Look for win-win where possible.Police removal of trespassers, if necessary, can often be accomplished far more swiftly than an eviction, but may still require substantial verifiable evidence of ownership (e.g., legal deed, etc.) and absence of a lease (e.g., shown in affidavit/statement from former owner-dad). 

So, you have a few options:Take on substantially more challenging projects, both in size/scopeTake on projects that involve a different asset classDeal with challenges related to different geography (I'd think you'd want to move 'up' market)These are the things that you can do one or more of - you may want to think about your options and be realistic too about your capabilities.There's a lot of people doing a lot of different things on these forums, but the above gets you moving 'up' the value chain with regards to developing capabilities, and working towards furthering your 'build' skill-set.All this said, I have a friend that operates in a smaller market in Iowa that's probably a bit closer to what you are doing. 

The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage.

There is yet another wrinkle to that wrinkle under the 514 treasury regs -- if substantially all of a property's use is directly related to its exempt purpose, it is not considered debt financed.It's very possible a church could invest in rental properties to further its tax exempt purpose and not incur UBTI.Good convo to have with a lawyer and a tax CPA/EA.

Professional landlords like yourself with substantial portfolio that are local.. are just another business. and successful one.. same equity owning a car dealership.. or a handful of Mickey Ds all make the same kind of revenue.. its just one way to make money in America.. 

The idea is for the bonuses to be fairly substantial and payable when I refinance each property.