Rental gives $500 monthly income from $2,000 rent.

I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought.

The BRRRR strategy, which stands for Buy, Rehab, Rent, Refinance, Repeat, focuses on long-term investment, while the Fix & Flip approach involves purchasing, renovating, and selling properties for a profit.Investing in Airbnb rentals presents a distinct set of challenges, requiring active management and a thorough understanding of local regulations, but it also has the potential for higher returns.Here is a concise overview of the advantages and disadvantages of each method:Fix & Flip:Pros.- Potential for quick profits - Enhances property value - - Adaptable to market trendsCons.- High risk - Time-intensive - Requires substantial capitalBRRRR:Pros.- Builds long-term wealth - Generates rental income - Increases equityCons.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

I am TIRED of moving and RENTING!!!!

They are even working on getting me the evicted tenant's security deposit, the missing JANUARY rent since the place is still empty, and covering the cost of my own manager re-listing the property.

The BS discrimination claims (you won't rent to felons, and blacks are more likely to be felons, therefore you're a racist) will go away. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

1) Renting garage units2) Additional Pet Fees3) Adding flooring insulation in the upper unit led to improved efficiency and sound reduction for lower tenants.

The contract was a simple 3 page one and I wrote this in.Also, it is a single family being rented as a rooming house (which is technically not legal here).

So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000.