They are a commodity, and owners are competing directly against hotels in this space, so rents are ultra low.

I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates.  

I would search for a property that has a low interest rate Fha or VA loan.

Agents are also advising you to look for expensive mistakes (like checking the sewer which could cost 5-40k) and using their network and contacts to find homes off market or FSBO.  

Most lenders will add back in depreciation and around 1/2 of your milage expenses.

Just curious, how do you automate tracking expenses?  

Activities that deal with electrical or plumbing should be outsourced to avoid more expensive issues unless you have some prior experience with the simpler repairs in each.

Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

Expenses Paid by the SDIRA: All property-related expenses (e.g., repairs, taxes) must be paid directly from the SDIRA.3.

Have a plan for marketing, operating expenses, and scaling without overleveraging.