IF you can get it done for $1,000 just eat it. 

At the end of the day, the contractor usually has to "eat" a lot of the change orders that will be needed as the project progresses.

by risk i am referring to; one tenant moves out, you need time for some renos or your processing an eviction and its eating into your time (time=$$). with multi family your still covering your expenses however with single family you will likely need to dig into reserves or your own funds.  

Welcome to BP community, hope all is well.What was my driving force was eating up audio books to speed up the gaining knowledge process, in return I would gather my questions faster for more deeper research.also all podcast/video-blogs from BP, listen to all of them until you start feeling a craving for a certain niche, then focus more on that new found hunger.recommended books:-Rich Dad Poor Dad-Millionaire Real Estate Agent (known as the Red book within REA's)-Millionaire Real Estate Investor (known as the Blue book within REA's)-4 hour work week-The E Myth for Real Estate Investors-Profit First-10x Rule-Ultimate Beginner's Guide to Real Estate Investing (free from BP)Good luck, you seek , you will find#keepthehustle #lifeisworthliving #notdreamingitsreality

PM fee, and i would hire a property manager for college rentals. you are looking at about 10% so another 150 / month. so your cash is now 350 - 550. that's the only problem with condos, the HOA fee's, they usually eat up some of your profit. you would have had to hire landscaper and garbage removal, but it wouldn't cost you the same 260, probably 150. what about taxes ?

If you live in Lima Ohio like Ben.. you probably don't need as much as if you live in Bay Area like Brian.. ( don't know were serge lives)... and we all have to work.... at something .But those I know that are retired generally own everything free and clear.. and live off of surplus rental income or interest income.. then we all have the things we like to do.. if its just living in a home somewhere never eating out never travelling hoarding your money that's one thing.If you need a budget for travel.. bling for wife... credit card for wife.. school for kids or grandkids. etc etc... so it really depends as they say.I do see many on BP that have a quasi magic number that they can then quite their day job and that is 10k a month off of positive cash flow.... so for whatever that's worth...

For instance, I can eat out with my wife for under 7$ a person at a sit down dinner..that includes $2 for tip.

That is my goal ; ) Good luck, eat up all the info you can!

You also have to factor in closing costs of the loan that will eat away equity. 

Also consider if you sell at the end of one year, that realtor fees will eat up any potential profit.