$3200- $2200 = $1000 month of profit, right?

Hi Cara, It all depends on how quickly you want a profit. 

They require less hands-on management making them a great way to gain experience and build trust with local professionals down the line.The BRRRR strategy can be profitable but it relies heavily on trustworthy partners. 

With the right budget for fixes, you could add value to the property and turn it into a profitable investment.

Property management - to be profitable - relies on scalable processes and procedures. 

We are not white knights we are in business to make money on RE  not a charity or social workers.. so we do want to keep this in perspective you did what you needed to do so you could make a profit bottom line.

I started out losing money because of employee salary and office space, but we quickly grew enough units that it paid for itself and then became profitable within a year.If you want to pursue this, I recommend finding an existing PM company that wants to sell.

Many of these projects derive 50% or more of their overall profits from reversion cap rate assumptions and some type of compression that probably doesn't exist in the current environment.  

Do you know if it is possible to have a tax deduction for interest/profits earned on promissory notes/PML?

Section 8 can be very profitable, but it's not smart as a first investment or a one-off because there is a lot more red tape.