So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof). 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.

I spent a lot of time and money to learn how to structure seller financing deals.

Just curious.If you are going to pay a PM, just be aware that you might not make any money on it.I just use a spreadsheet.

So many "investors" bury themselves in complex, expensive situations to protect themselves from some unknown threat to their non-existent business.Figure out if you have any shooting skills (or even enjoy the game) before spending money on $600 Nikes or an indoor basketball court. 

@Yooni Choi managing from out of state (OOS) with ZERO previous landlord experience - probably won't go well.You WILL make a lot of mistakes that will cost you money.

That's where good people live, and good people make good tenants.But before you put money down on a house, I would find a quality property manager.

Jonathan, The tenant does not currently owe any money.