And yes, the income from renting is still taxable, but ideally you are offsetting a chunk of that with depreciation which is a non-cash expense.You should read Amanda Han and Matt MacFarland's books as well which are available in the BP Bookstore. https://store.biggerpockets.com/products/tax-strategies-book...

Large down payments or extreme discounts from sellers would be needed to reach cash flow neutral stages. 

I am extremely familiar with the area, I know that it can rent long term, and it is perfect for my family's current needs.

Heya Ethan.I've completed 7 secondary suite renovations/developments now and it is extremely difficult to do a true BRRRR where you pull every dime back out again after you refinance.

What is the specific product you used, if you don't mind me asking?

I believe that the technically correct answer is that they all moved from California to Texas and Florida, whereupon they realized that it gets extremely hot and humid in those places, has extremely variable weather, and large insects, and are now leaving Texas and Florida. 

I do plan to consult my real estate attorney who handled the closing but this is his busiest week of the year, so I definitely don’t want to bug him with something that isn’t extremely urgent until after the New Year.

The problem with vacancy is it assumes all products are the same, our 2 bedroom which is designed much better than our 3 bedroom and more thoroughly remodeled has lower vacancy.

For walls in common areas like halls and stairs, there are rigid products that can absorb some sound.

Some of the condos here have extremely high condo fees.