Though our REI experience is limited, we are now looking to rehab small single family homes in the greater Charleston area in the $80-150k range.We also enjoy teaching karate and judo in our spare time and live by the concept of mutual welfare and benefit.

For example "I'm an eager college student with some spare time on my hands and would love to assist you any way that I can so that I can learn from you."

There are plenty of calculators online to see the effects, like Judd Campbell said, bankrate.com has some good ones.Although, is this the best use of your spare $1000 per month?

Hi Bryce.My only experience with room rentals is when we rented a spare room within our main living area to interns of my employer.What is your target market? 

Depending on your cash flow I would hire it out unless you have the extra time to spare.

They will fit, with a few inches to spare.

I'm capable of finding a steady job but I'd like to get involved with flipping and buy & hold properties in my spare time. 

--> no, if you buy on auctions you get a deed which then you might want to record. u will not get transfer stamps without the presale inspection. so I plan to do presale inspection to face what I am up against, correct violations and sell. if the violations are outside of my my budget the projects ends there, the new owner will have to post bond and get both set of transfer stamps ..from auction place to me and from me to him. then he has 90 days to correct all that. this option means I am selling to home owner who is willing to do job and finish fixing up the place at his spare time. he has 90 days to do that. then he can request extension for another 90 days. that also means lower profits. the idea is : u need to buy place super cheap to have room for multiple exits.  

Kuba F. you should come down to West Anaheim if you need day labor.The Brookhurst St. store have dozens standing around looking for work.All the Home Depots in Northwest Orange County have day laborers to spare.

In the begining, always remember that you do need to do your math analysis and try to look at the prospective properties or at least have a clause in the purchase contract that allows you the time (about 10 to 15 days) upfront to make a detailed inspection and possibly back out of the deal without a penalty that hurts you too much.I have more to say but I will spare you with the rest.