What if they build just outside the city limits, so they are not paying city taxes?     

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Congratulations to you for setting yourself a goal and having a plan in place to execute it. 

Properties below this threshold present additional risks and more limited borrowing options.7.

Lots of cities have restrictions..Arlington limits to a fairly small area of town, Ft.

He will be totally hands off and only role is to provide money.My goal is cash flow and another investment(same as my father).I have limited free cash on a tight budget but have access to a heloc loan for expenses if needed.

Now to provide extra comfort and convenience to our buyers (who are mostly out of state) we agree to help them out by getting them set up with local property management that we work with closely as well as assisting management market the property for rent to place tenants.

I think if you set up your platform listings appropriately you will do well.You could also contact local wedding and event coordinators and make them aware of your listing.

We have offered to allow her to pay a reduced rent for the first few months as well but I am worried that may create some sort of limit on how much we can raise the rent on her in the future.

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.