[1]    You might want to think about opening 2 FDIC insured savings accounts that have no fees.

I am working toward passive income to live off of.

Tax deductions / write-offs should be a second concern.There are some rules that you need to follow to treat a short-term rental as 'active'(non passive) income which would allow you to offset it against other forms of income such as rental income / wages.

Take stock of your current credit score and accounts.

This way you still have 50k in your account and you have $200 coming in every month for 10 years, then 1600/mo for the following 20 years.OR you can lend me the money for 7 to 10 years at 9% and I can do the same as above!!

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

However, this would force them to move out, lose their current rental income, and have to pay rent off their limited salary. 3.

I'm now realizing that in the state of South Carolina, the tax rate jumps 2% for rental properties to help fund public schools, a $600/mo cost that I didn't account for when using the calculators in the earlier stages.

Create an account on furnishedfinder.com, the hosts are on there and they are happy to chat.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.