Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Go straight into focusing on creative finance, subject to, and minimal cash down deals and build from there.I want to hear your thoughts on what direction to take here if you were in my shoes given these constraints (full time job and a few thousand saved) and you want to optimize for passive income first, then value appreciation?

Velocity banking works by taking a huge 'chunk' and putting it down on principal, then paying down the HELOC with every penny of income you get. 

Through proactive maintenance, efficient tenant placement, and careful financial management, I optimized rental income and ensured a steady cash flow.

Being a real estate professional allows you to treat the income as non-passive, allowing higher high income tax payers to pay less in taxes.

Co-living, on the other hand, mitigates this risk by creating multiple income streams.

Yes @Akash Sky that is considered ordinary income

Wyoming has no state income tax.4.

More on DSCR loans: DSCR loans won't use your income to underwrite the loan.

I would not offer furnished rentals in lower income areas.