Your labor cost needs to be defined in your lease and can't be more than a reasonable contractor bill.

And call me jaded but I often can judge which a person will be in a few minutes because 1 defining difference between the 2 is one is singularly focused, and the other has an entire fairy tale. 

@Michael Ludwig Others have defined it perfectly but I’ll use an example based on your St Cloud location for the 1% rule.

The vast majority of states also leverage figures on a federal return as a starting point to define taxable income, making adjustments to those figures to arrive at the portions of income that are taxable for state tax purposes. 

In the interest of time I limited my search to Montgomery County MD and Loudoun County VA homes that were sold in 2017 and sold again in 2022.Methodology: I pulled all the homes that fell into the scope defined above from Bright MLS.

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

All activities where you do NOT "materially participate" (which is also defined and will be discussed in a few minutes)2.

Before 1957, there was no industry or investing arena defined as residential real estate investing.  

With deals not being the best on paper currently, having defined criteria for rentals that pencil out is a must.

We do have our buy-box clearly defined, which makes this relevant.