Financial freedom isn't simply about replacing your current income, because inflation continuously drives up prices, making a fixed income insufficient to maintain your standard of living.

We are not looking to conquer real estate but just start generating some passive income I hope this finds you all well.

in my experience doing this in Vegas - the gross rental income is about 50% higher. 

So, we bought the property 2 years ago, based on the valuation of the property considering income from 6 units.The sale deeds (from 2018- 3 sales) I could get from the City and the property tax statements (2023,2024) show that the property is zoned as 411 (apartments).

.: Here's a good guide with links to the law: https://www.tenantresourcecenter.org/earnest_moneyIf you charge $25 and the credit screening costs $10, you can keep the $10 as income.

AppFolio is great for property managers, but investors often use Stessa, REI Hub, or Buildium for tracking income, expenses, and tax reporting.

You could improve and seller finance the land to blue collar workers that make decent income.

But with that one lender I found I am not lendable due to not having proof of income for the last two years.

Listen to Brandon Turner's podcast where someone he interviewed shared how this made a HUGE increase on her income: https://open.spotify.com/episode/1bS4eL80KL1rWY4vyCMjXh?

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.