For purposes of simplifying, I will use round numbers.I have a seller (family member) looking for $100,000 for his property.

To simplify it, have multiple resources for leads.

How this is going to work is (simplified):Rental income( rental Expense) ( depreciation) Rental Income/Loss - ( This is your passive income or loss) If income: The rental income is taxed as ordinary income that will be added on top of your W-2 income (W-2 is non passive income). 

If you have the cash in your plan, skipping the non-recourse financing certainly simplifies things.

The owners have had it 14 years, and are looking to "simplify" their lives. 

To simplify my answer, I am also going to assume that you paid cash for your $100K purchase and also paid cash for the cost of materials and supplies used for the rehab.  

I was trying to simplify my answer, and the distinction you pointed out does not change the bottom line.

Hi Tyler,I’m new to this game, can you simplify your answer a little?

Depending on markets I prefer multifamily, it doubles your property revenue and simplifies operations.

There are way too many variables to make a simplified estimate that way.Most people in the northeast part of the country are using either gas or oil fired systems for heating because, as a general rule, they produce better results at lower operating costs than the alternatives.