Purchase price: $400,000 Cash invested: $200,000 Bought this fixer upper 2 family house with 2 bed 2 bath and converted it to a 4 bedroom 2.5 bathroom with finished basement.

Single Room Occupancy (SRO) or PadSplit / CoLiving are able to make a ton of income, especially if you modify the house with a couple extra bedrooms. 

I personally like long term rentals, but it sounds like the numbers don't make sense and if you cant afford to or can't justify covering that much negative cash flow then another strategy is renting by the room, that works well if you have or can convert to at least 4 or 5 bedrooms. 

I use a glass puller (double suction cup) and a rubber mallet.

We have a few in Las Vegas, over in the southwest. 3 bedroom single family homes are the ideal property for the Las Vegas MTR market.

I have three properties in Georgia that doubled in property taxes and one to include sewe assessments.

I used to travel and preferred 1-2 bedrooms that allowed pets.

They wanted a 2 bedroom apartment for $700 that took smokers.

If you are open to 4 bedroom homes, you'll have a LOT more options because there aren't many 5 bedroom houses here.

Some will collect first and a deposit equal to two months of rent.I personally recommend first and a double deposit.