The best thing you can do is plan that the first year will be on the lean side.

This post is exactly why I say spend the few extra bucks and get the keyboard with the comma and period keys. 

You should do all the same level of due diligence you otherwise would to buy the property. 

With a 203k Renovation loan, you can also finance in your payments if you are doing a major rehab. 

Consider starting small by house hacking a single-family home, renting out rooms, or adding an ADU if possible.

Quote from @Robert Smith: I am interested in possibly doing so.

Update: I decided I will pay a $500-750 or so to do an initial hydro-jetting of the system. 

@Mike Levene cost to build per square foot is $200-$300 depending on finishes.So, you can start with that.

Quote from @Mike Schorah: I don't look at the interest rates anymore..

I'll add on to what the other Ben said and mention that there are exceptions based on the # of days that you rent out your home to where the income/expenses are excludable (being lesser of 14 days or 10% of total usage if under 140 personal use days).