Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

Compare this to your total monthly costs, including mortgage, insurance, taxes, vacancy and maintenance.

This doesn’t include any raises or bonuses.No kids yet, but we plan to have them down the line.Both of our credit scores are over 800, and we have no debt.The plan:I know sellers don’t always love FHA loans, and they can be tough to get approved for, but I’d like to use one to make this work.

Run the numbers as if you leased the property from him at 10% x the value of the home( not including 1,000 acres) in lease payments @60% occupancy.

I was in a similar position a few years ago, but fortunately got married and our combined incomes helped us qualify for a larger house hack.We're on our second one in NOVA, Alexandria to be exact, and instead of rent by the room, we are renting out our walkout basement on Airbnb to monthly guests.That said, we have a number of friends doing well with rent by the room across NOVA, though they're purchasing homes with 5+ rooms or finding homes that can be renovated to include that setup.I'd recommend attending meetups such as the one I cohost, NOVA REI or Cashflow Breakfast Club or any of the others to meet those who are house hacking.

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

Upgrades include a fully remodeled kitchen, renovated bathrooms, new durable flooring, contemporary fixtures, and efficient heating and cooling systems.

However, in the last couple of years, GLVAR modified their PM agreement to include an option for PMs to collect fees while the property is vacant.  

That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.