@Wes Sherwood it can be worth holding onto a property that is CF negative if you have adequate income to offset the loss and still maintain healthy reserves.

Hope everyone is staying healthy and sane.I am exploring Chattanooga and want to find a good cash flow rental property (buy & hold) in this market.

And that is what healthy, strong marriages are made of.

I hope that you all are healthy and staying sane during these trying times.

Do that same deal a couple more times per year, and you have a healthy income to live off of and use to buy BRRRRs.  

My goal is to create a healthy investment portfolio and eventually quit my full time job and invest full time.

Jesse, glad to see you are jumping in on analyzing a deal and possibly investing, the key to a healthy investment career is to simply get started.It is good to see you have help with getting private money and someone who can help with cost estimates, it is important for you to get a detailed list of what needs to be repaired or replaced, this will make a difference in your eventual profit, sometimes even savvy investors underestimate the rehab costs, and that can end up killing your profits, something as simple as having to replace an AC system will cost a lot of money.Purchase Price - $55k  - depends on the area, you will need to determine if this is an A,B or C location3bd/1ba (incorrectly zoned as a 3bd/2ba - is this common?)

@Robert Jordan  Unfortunately those rules are there for a good reason and help keep those STR markets 'healthy' by making sure residential properties don't have too many people for safety and noise complaints. 

Not to mention I haven’t really explored how selling it and things like capital gains would affect my taxes or really done my homework yet on that if I do flip itSo, while I’m not trying to be vague, I just wonder what everyone’s thought may be given the market being pretty good right now, so a good time to make a healthy profit versus hang onto it.

@Jarret Sa'o: the job market has been surprisingly healthy!