You may break even or may be lose a few hundred each month on 20-25% down on purchase in CA. 

A successful investor's time may be worth hundreds of dollars per hour.

While $60k is a lot, can you live with it if your property goes up in value by hundreds of thousands over the course of many years? 

So, yeah it might just a few hundred dollars to form the LLC, but its the additional overhead costs (e.g. separate bookkeeeping) that really drive it up.  

The larger downpayment you can put down the lower your payment will be and ultimately will save you thousands or hundreds of thousands of dollars in interest.

If I paid $50 a room, that would run in the hundreds.

I can't think of a more boring way to spend $1,000s of dollars and lose hundreds of hours of time. 

You should be able to do an average kitchen for $2500 or less (installed) but that means new cabinets as well.

There is around 5-9 cats (he is obsessed with cats and let's them breed in the house) their litter box is just the bathroom vanity cabinet. 

Based on that math yes, you'd clear a couple hundred dollars after all debts and expenses, not the worst spot to be if you're not necessarily needing the cashflow/trying to live off of it, but instead are focusing on playing the long game.