You then might renovate the property, so it's worth, let's say, $150,000 after 12 months.At the end of the first year you have title to a property worth $150,000 which is serving as collateral on promissory note where you owe about $88,600.

You get to deduct $5,000 immediately to oversee the project. 

Bought for $275k, seller finance, renovated $135k.

Don’t tell your electrician in the middle of a project you’re never going to use them again.  

Rents started to come down and I had to leave a lot more money in projects that I was in the middle of.  

I am budgeting for roughly $40K renovation (I have some construction skills).

Below is some copy & paste info about our methodology:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I live pretty central in Houston, on the train line and my home have a full renovated Garage apartment that has been listed on the popular platforms. 

Hey everyone,I'm new to real estate and I’m looking for feedback on a project I’m working on.

Thanks for touching base and let me know if there's room for collaboration on any of your projects or just willing to share lessons you've picked up along the way.