.- Builds long-term wealth - Generates rental income - Increases equityCons.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

Hey Spencer - It sounds like a great idea to generate some extra income with your empty room!

Too many investors waste money on general handymen trying to fix everything, only to end up hiring a specialist later anyway.6.Each property should have its own bank account.

Would her income cover rent for a new home?

For quick math I have a range of each between: 700/yr to 3% of gross income

I am working on increasing my knowledge and skills on the accounting side of investing.  

I do well, at least enough to go on vacations as a family, put money into high yield savings accounts, max out the ROTHs and add to investments when I can with money saved in savings and checking accounts.

Did anyone in one of the accounts die?

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.

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.