If you turn any two "bonus rooms" (rec room, office, formal dining room) into two more bedrooms, then you're at $5,950+ per month—a 138% increase in rental income.Now, imagine scaling this across multiple properties while keeping lower upfront costs compared to multifamily properties.

Also, keep in mind that if you do self manage, you do put yourself at more risk for a legal issues.

Keeping this in mind can definitely help!

Clear CommunicationA great contractor is easy to talk to and keeps you in the loop.

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

I don't care who teaches this stuff its fraught with danger to think you can take title and keep someone's mortgage in place for years and years stuff happens and when it does the original seller gets HAMMERED.

We'll keep you in the loop for future opportunities.

@Jon Ankenbauer you won't be able to keep the land separate from any future construction loan.

Also, make sure to keep your eye out for seller financing opportunities. 

Owner stated that tenant doesn't have intentions of moving out however, I wouldn't have intentions of keeping her considering the amount of repairs needed, the way she keeps the property and the fact that she's always late with the rent.