If you can be highly disciplined the first few years, the compound effect will take over, and that’s when you make the real money.

@James Wise MICHIGAN UPDATE: new law went into effect January 2, that landlords can no longer discriminate on tenant income source.

TIAHi Dawn, regarding your occupancy, with in effective dynamic pricing policy, you should still be able to beat the market while weeding out “bad” guests. 

I don't want to violate any of the self-promotion rules on this thread by specifically linking or name-dropping, but it's from a data analytics platform I am working on specifically built for tracking construction, debt, and ownership activity in the Philadelphia region.I will be posting more detailed insights soon. 

Personally, I self manage but have built systems to allow it to be fully remote and very passive.

From there it is really just a matter of determining comps, cost to rehab a property, and your timeline.I have helped several investors flip their first home in Austin and learn how to do it effectively.

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

We also signed a “Notice to Terminate” which states "The property management agreement shall terminate effective May 14,2024.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

Seriously, all I can tell you is this:Showing you screenshots, and a ton of leads from my website is a direct indication of the effectiveness of what I am telling you.