I also don't know if 'gross profit' is a standard metric (vs. net income as on line 24 of a schedule E) on STR income statements or not (again, I've never owned/managed this asset class) but on the surface it looks like you would have some direct labor costs (somebody needs to manage the inn, so to speak) and recurring utility costs at a minimum. 

We have a 1957 built house which had foundation problems when we bought the house in 2016. The house had a crack all the way on one side of the house - stretching from living room, dining, kitchen and bedroom. Our con...

These costs should be discrete in my mind because they are CapEx, and not OpEx and will be incurred in a relatively short period of time after purchase, and are non recurring (over the short and mid terms).  

Only complete income number is for rent, but if I have a one time payment or something that is not recurring how do i add that in, or are you saying that is something i should not add into the equation.

DTI is calculated by comparing what you currently earn to what your monthly recurring expenses are, plus your future expected housing payment.

It cost thousands of dollars to get started and maintain your license as well as the recurring continuing education you must put in every 2 years (at least in AZ).If you're looking to get into wholesaling or buy and holds, it probably won't benefit you as much as if you were a flipper.

Here are a few ideas on how you can free up you and your wife's time:1) Online portal for all rent payments and maintenance requests (this way everything is organized and handymen can be notified immediately what work is needed to be done and why)2) Set up online billing if you have not done so already, with recurring payments or automatic payments. 3) Hire a virtual assistant(s) to answer calls, make calls, and do other work that anyone can do. 4) Keep track of how you spend your time currently so you know what changes to make first that will have the biggest impact.Thanks!

I also have the added bonus of getting lot rent out of it so the return goes through the roof.If you have taken into account all your recurring costs as well as your "escrow" items such as furnace, roof, flooring replacement, YOUR TIME and effort, and you still net $250/month cash flow, that is a pretty good return. 

It's 100% free and you can walk your tenants through setting up recurring payments that hit your bank account on the 1st of each month.

I think that is worth it because monthly complaints from tenants that want to move out because of a recurring pest problem will cost you way more than $200.