Also be aware as @John Underwood mentioned, you need to budget for repairs and capital expenditures.

If you purchased that last year, you are going to be negative more than the $2k/month you estimate when accounting for all expenditures using the numbers you provided.  

Tisch Center of Hospitality, has released a series of CapEx studies showing hotel capital expenditure spending has been half of pre-pandemic amounts in period 2020-2023.The impending debt crunch faced by commercial real estate over the next 18 months has also been widely reported. 

There are also strategies that can be put in place to mitigate unforeseen capital expenditure (capex) expenses.

I've reached out to a few property managers for comps and opinions for rent and expenditures in the meantime.

However, it's important to weigh this against the ongoing expenditure on your mom's rent.Options 2 and 3 involve reallocating your funds towards purchasing properties, potentially in high-appreciating markets like San Diego or Orlando.

They are ideal when a property requires significant value-add improvements and substantial capital expenditure.➡️ CMBS loans are securities backed by a bundle of commercial real estate loans.

An operating agreement can be used to specially dictate what authority each member has in the day to day operation (e.g can unilaterally approve expenditures under $100) and what type of actions require a majority or unanimous vote (e.g. expenditures over $1,000 or the decision to sell or buy property).

A trustworthy agent is a great resourceTypically, if you buy something like a duplex rent, the other unit out and your mortgage payment difference is what it would cost for you to rent that place or less the deal is worth it.This is also factoring in renovation, capital expenditure, etc.Good luck!

Capital expenditures include material and labor, but does not include your own labor.