I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

This means no rental income or loss is reported for the current year, and the $3,000 can offset future rental income or gains.This post does not create a CPA-Client relationship.

If the numbers work, it’s worth considering as a step toward your future home!

You might also consider talking to the tenant about shifting the rent due date to the first of the month to avoid future confusion and align with typical forward-paying leases.

If you're looking to invest in Jerome Village, definitely factor this future charge into your cash flow calculations and maybe have your CPA take a look at the exact language in the Declaration. 

I'm not seeing rates going much lower than 5% in the near future.

Once i have the network established, I might consider STR in future.

That depends on how many units are in your MF, what your longer term goals are and what kind of lifestyle you want.If there are a lot of units or you plan to have a lot of units in the future then invest in setting up good systems now.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually when rents are increasing or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

My main goal is to invest in real estate in the future, but I want to understand how everything works first.