Although this is a long term investment and not in the main stream, it has added a certain level of comfort knowing the above potential investment risks are to a degree reduced.

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

So, you could potentially avoid paying income tax on all profits!

Paying $700 a month out of pocket isn’t too bad considering you’re in a great area with high growth potential.

Our seamless financing approach ensured a swift transaction, facilitating a same-day resale and maximizing profit potential.

Lease provisions in one place that are common and acceptable may not be allowed elsewhere.Overall its worked out for us but there's definitely some potential pitfalls.

Investors love to take advantage of this strategy to expand their RE portfolio and have better appreciation potential.

You'll have the same potential upside range wherever you do it - 10-40% are probably the outside ranges.

@Randall King If you find the property isn't performing well, a 1031 exchange would defer the tax and concentrate that equity into something that has a greater cash flow potential, like what @Corby Goade said.

It's a great property with still a lot of upside potential.