So you may need to supplement more outside money to the purchase.You can always choose to add cash so you end up owning your replacement property with no debt.

Over and over, you can be constantly evicting and replacing appliances and doing major repairs.

Are you thinking that some software will replace a hands-on property manager? 

Plumbers should be close to $100 an hour and this sounds like four man-hours, maximum.

We have one rental property now in our home state (Colorado).... and our purchase in Ohio will be with a conventional loan.So it's sounding like we will do this purchase without an LLC formation... it doesn't make sense right now.As we build a portfolio, it may make more sense to do so, but it's sounding like -- from advice here -- it may not be necessary (or be of much use tax-wise).Thank you!

I do not mean to sound harsh, as RE has changed my life and I fully believe in it.

Unbeknownst to everyone until of course we had to replace some drywall and all these needles came pouring out.... hahahahahaha I had some experience too, except it's bunch of pills.

Sounds like it could generate some good monthly income, but it could also be a hassle being that far away and only 1 property.Yes, but we have friends in Fairhope that manage rental properties so we aren't as concerned about that. 

I also liked the fact that it was structurally sound with concrete block construction, a tile roof, and high elevation.

Knowing the Fort Collins market and it's price points a little bit, it doesn't sound like you're capitalized quite enough to get started flipping, especially when factoring in risk (properties in the $300-400k range will be high risk, not good locations).