Background- I'm a new 25 year old prospective investor and am looking to buy and hold property to create retirement cash flow/income.I'm looking over everything I'm seeing in my area (Reno, Nevada), and after I take into account a property management company ($100/mo), CapEx (5%), Repairs (5%), Vacancy (7.5%), Rental Property Insurance (+/- $500/yr), property taxes (.8% of assessed value), and a mortgage of 80% of the home's value, I'm cash flowing so negative that it's not even funny (problem couldn't possibly be fixed by managing the property all on my own).I know that housing prices are abnormally high in this area relative to median household income (they have dropped quite a lot in the last few months), but rent is also sky high.

Is a landlord allowed to limit the number of unmarried adults to only 2 people, for a two bedroom 1,200 sq. ft. condo? I do not believe this is allowed. Correct me if I'm wrong.

Thanks @Max Householder for the advice!

She will be living with her husband and grandson however so my question is, should you require all applicants in the household to meet your standards to accept them or do you accept as long as one of the applicants meets those standards?

DefinitionsAs used in this subchapter --(1) The term "Bureau" means the Bureau of Consumer Financial Protection.(2) The term "communication" means the conveying of information regarding a debt directly or indirectly to any person through any medium.(3) The term "consumer" means any natural person obligated or allegedly obligated to pay any debt.(4) The term "creditor" means any person who offers or extends credit creating a debt or to whom a debt is owed, but such term does not include any person to the extent that he receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of such debt for another.(5) The term "debt" means any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment.(6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.

In Norco, La alone there are 3 oil refineries, 2 chemical plants(one of them makes the household weed killer, Round-up) and a grain elevator... so you are looking at hundreds of workers all needing places to stay.

You didn't explain that his nephew was living there and had established a household and life there.

Neighborhoods will have certain mean and median household gross incomes.

One thing they're leaving out is a simple law of economics - supply and demand.The fact is that there are new households forming every year.There have been no new houses built in the last 6 years and the pace of building today is at near-historical lows - and definitely not enough to keep up with the number of households being created that need homes.And then add to that the fact that there are a lot of people still under water on their mortgages that can't sell and it should come as no surprise that there currently is less supply than there is demand right now.

There are tons of market distortions that have caused untold pains across many households for over 3 years now because of government screwups.