Total reno cost came in at 23500.00. 

To make up the difference of the total price, I used seller credits, lines of credit, and second mortages on other properties. 

He puts a lot of free content out there to learn from.  

Make no mistake it isn’t quick or especially comfortable but it can definitely be profitable.As for the rent a room thing in most locales I have to wonder if the additional rent is worth the hassles of dealing with the increased time and liability of multiple tenants in one property but that’s a totally different conversation. 

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

I totally understand this.

However, they approach financial health from different angles.The 50% Rule is a quick estimate that suggests operating expenses (excluding mortgage principal and interest) will roughly equal 50% of the property's gross income.The DSCR is a more precise calculation (Net Operating Income / Total Debt Service) that determines if a property generates enough income to cover its debt obligations.Deal example:- Class C middle class neighborhood- 4bd / 2ba single family house- ARV: 190k- Purchase: 105k- Rehab: 35k- Market rent: $1,400-1,525- Section 8: $1,475- Property manager: 10%- Taxes: 125 month- Insurance $1250 yr- HOA: $55 month- purchased and rehabbed with all cash.

This website is a great starting point to find out what areas are like https://www.areavibes.com/It gives you a total livability score and from there you can narrow down you search. 

Would totally like to expand upon it.

Also, there is usually a "hammer fee" which is a % of the total purchase price to be paid to the auction house by the BUYER.Again, you can get good deals this way and you actually can tour the property beforehand so you generally know what you're getting into.