So, as an example, if you look today and you see that various sources lead you to believe that you can rent it for $1500/ month, that number can change quickly in a week (let alone 3 months) based on other factors in your local area - such as a similar property suddenly gets put on the market for rent.In addition, there are different ways to approach your rental amount. 

Always check flood maps and factor in flood insurance if needed.Historic Homes: Bay City has many beautiful historic homes.

If you can househack something like a 2-4 unit your down payment money might go further and allow you to borrow more since often times lenders will factor in some or all of the other rent as income in the DTI calculations.

I did some research on BP via reviews on realtors that were in the Cleveland market and met on teams/zoom and chose the one I felt was most trustworthy solely based on volume of good reviews, some social media presence, and other factors that provided value to me.I got into investing after reading about section 8. 

Account Closed, I didn't mean to scare anybody away from Columbus but rather provide some factors to be aware and cautious of. 

Property Valuation and Cap Rates Impact: Rent control can affect property valuations by reducing the potential rental income, which is a key factor in determining a property’s value.

Then there's other factors to success especially in a heavy lift like this, some of the most important in my opinion are Being on site regularly to manage the contracting processHaving a lot of cash reserves - 'a lot' imo would depend on how thorough your current bids are and how old the property isYou mentioned it's bleeding cash now, whatever your timeline is for the property bleeding I'd double it and see if it still makes sense. 

I love it because it does not factor in my Debt to Income and just qualifies the property.

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

Look at common factors of other properties in the area that are getting good rents, then look for well-priced properties with the similar fields.