I charge each unit an additional $25 per month and just eat excess water charges if any.  

This can really eat into your profits -- perceived or otherwise.In our area we are about 50/50 between VRBO and Airbnb. 

A couple of questions that still bother me though: isn't the mortgage monthly payment gonna eat all income here in SD considering putting down only 5 - 10 % down?

Normally these places have these HOA fees which will eat up all of your cash flow.

It’s a phantom expense that eats your income and shelters from tax.And, looks like it was gifted ?

Guess the investors will eat those.

If any one knows anything I'm not doing right please tag me and Micheal and I will grill you a nice Texas steak or whatever you want to eat. 

@Danny Herrera I'd invest in Pass-a-Grille and give myself a reason to go down there and eat at the Wharf!!!!!

@Jermaine Riggs   Remember the 6PsPrior Planning Prevents P*ssPoor Performance There are steps that you can be taking today that will better ensure you will be able to qualify for the best of terms on your purchase in TX.1. have a Mortgage Broker run a Tri-Merged MORTGAGE credit report and pay the extra $15 for them to also run the "What If" score increase simulator to know how best to pay down debt in the interim2. start eating MREs and saving like a maniac until you close as the more money you can show in reserves Post-Closing, the better the programs you can qualify for.etc,etc,etc,   

I am fairly new to BP, but have been eating up the podcasts, doing personal research, and working my way through a real estate book.