Hi Kevon, what Allen said is true just keep your nose down and get some good rentals (1+% rule and around colleges,military bases and hospitals) and above all else take care of your tenants (very very important). 

They're not the straight A kids with their noses in the books and a drive (whether internal or from mom) to be on top but they're not the flunkies either. 

It is an opportunity to put eyes, ears and nose inside the property.

Hi Pretty,There is absolutely no way to know ahead of time if you will recover the cost 100% or even 1%.The choice might come down to how much you and your wife want to have this very desirable bathroom vs the one that is in there now.Getting your money back on it in a new-ish suburban home is just unknown upfront--I'd say this purchase is more of "Personal Desire" purchase than a hard nosed business purchase.Although it could turn out at sales time to being some added sale price...

New listings are low and not sticking around, driving prices further into nose bleed territory.

Customers "pay" the expenses of all businesses but most businesses are smart enough not to rub their customers noses in it ;)   LLing seems to be one of the only business models where what your customer thinks of you  does not seem to matter. 

@Katie Jewell 10k is not a small amount of money so I can't imagine a collection company turning their nose up at that.

Hi Dylan,You could go to W2 work for a year for an industry biggie, such as Greystar or Pinnacle (market rate properties) in Texas, (or where you are at now), for a year as a leasing agent and (boots on the ground) learn how to lease units, as well as get an understanding of how to be a first class property manager Learn things such as, how to handle maintenance, reports, people skills, evictions, cash flows, unit turns, problem residents, borderline qualifiers, flag flyers, parking disputes, physical confrontations, arguments, personal safety, etc....That would chunk out your 1st year requirement as well as put some money in your pocket while doing it.And if the economy nose dives, ride it out on the W2.Just my 2 cents.

The ears and the nose will tell you all you need.But what if they live out of town/out of state? 

You'll pay out the nose but some booming areas are Gordon Square, Ohio City, Tremont and Edgewater.