That still puts you in a precarious spot, but this can work out. 

How do the numbers work out to $165k profit out of curiosity?

These people will tell me about deals and if the deals work out and close I always show my gratitude with a fist full of Benjamins. 

Step #4: work out what your desired profit is.

How did that work out?

Since this is your first investment property, you're probably going to need to put a lot more than just 10% down.Vacancy: 8%Repairs and Maintenance: 10%CapEx: 10%Property Management: 10%Sales Expenses: 5.8%I also increased the taxes slightly to be more accurate for this areaAs you can see below, the numbers don't work out well at all.

But if you do it relly nice ("nice" does not equal "expensive") and you work out a plan like every month the house is in good condition you give them back 20 dollars.

If that doesn't work out, at least check  out driving for dollars:https://www.biggerpockets.com/renewsblog/2013/05/0...It works well with DM.

Text is not legal communication for proper notice regarding rentals.It's a good way to remind people. might work out for late rent reminders for you.. but if it get's beyond that.. paper trail.. and emails.. don't count either.. 

If the tenant doesn't work out, it's easier to terminate the rental agreement.