Smoke and/or grease residue from smoking or cooking would also not be normal wear and tear. 

Hello, Im starting off in real estate and thought wholesaling might be a good idea but, that does not provide me with the residual income that I need.

Here are a few options:1)HELOC for repairs and flip it for profit2)HELOC for more rentals and hold current to pay off HELOC3)Seller finance to reduce tax obligation and receive. a large enough initial downpayment from buyer to use FHA for a primary4) Hold and use cashflow with the specific intent to invest all residual income5) Sell and take "Capital Gains" hit but purchase another property to help offset it6) Transfer deed to an LLC to remove it from Grandma's name (this opens another door of possibilities but may trigger tax increase due to transfer of ownership)I can go on, and others with different approaches can add to this list as well.

Residual Cash, Dividend Income, Interest Income, Net Income, Net Operating Income, etc.

The goal is enough residual income to leave our current careers and invest full time 

I'm not opposed to a flip, but I like the idea of residual income. 

Cons:Needs good surface prep (flat smooth clean)Needs to be rolled with a 100lb roller at least ($20 rental at hd)Not waterproof over woodWill curl in hot/humid/direct sunlight sunrooms etc without being glued down.Applications we have done with success:Floor leveler over existing tile bathroom then peel/stick vinyl tileOver level wood floors (plywood) Over existing linoleum Over concreteOver damaged and stained oak hardwoods (when you pull it up it does not leave a residue)

I get that in that market isn't just cash flow and there could be a big pay day if you cash out and property values have gone up.My overall goal is to get long residual income.

Then you have a residual value as your net worth or with several exits available to you. 

Originally posted by @Isca Harmatz:hello, I just moved to the states and im looking forward to study the real estate market over here. i already have some real estate background from back home (israel) and i want to continue my plan of buy and hold investing in the states.i just moved to the silicon valley area (yes one of the most expensive areas there are there are) so i first need to learn where and how the people around here invest and how do they do it.looking forward to learning a lotIsca Hi Isca, welcome to BP, real estate is certainly the route for wealth building and building a good residual for yourself.