I just want you to go into your investing as prepared as possible. 

Well, my original SFH purchased in 2010 still has its original S8 resident.

That being said, I had competing issues. 1) my wife and I are buying a new primary residence (much to my chagrin), and 2) in december, we bought a condo rental that is currently being renovated (a much lighter project) and that process is also a little stressful.   

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

I just acquired one from a PM where they were charging a tenant a resident benefit package and a building protection plan.  

But be prepared because you are probably dealing with a professional tenant.

That is lower than market and puts you in a cashflow-neutral situation, but it is unlikely your residents can afford that.

@Jason Dubon I use a percentage of the rental income to prepare for expenses.

Quote from @Jaycee Greene: Quote from @Malcolm Grundy: Investment Info:Single-family residence buy & hold investment in Saint Louis.

Investment Info:Single-family residence buy & hold investment.