For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

Purchase price: $145,000 Cash invested: $15,000 I obtained the home 9 years and am holding it for cashflow as a single family long term rental.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

@Caleb Rehg  I would advise your first step is to search this site for college student rentals and student rentals and read all you can. 

So I do currently have income from my rental properties, however it isnt enough to cover our current costs over here for the next 6 months.

@Ofir R.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

From what you wrote it sounds like the rental you own is your sole, pre-marital property.

Congrats, always strong rental demand there!

We currently own/manage properties across a few states including Hawaii so we aren't new to managing short term/mid term rentals.