My base income is ~$95k per year.

I have lived in Hawaii for many years but now that I’m a traveling healthcare provider, I am off island more often than not.When I’m not on contract I would love to have a place to return to and when I’m away I would love to rent it out for some additional income.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

You do have to keep an eye on your write offs to ensure you are showing a good NOI and not using too many write offs to show enough income to use for bank/lender underwriting on a mortgage/loan.

Buying properties back then in the Bay Area and doing nothing turned out to be an amazing wealth building strategy :) But, it more than tripled his net monthly income making this move!

Focus on high-demand rental areas (suburbs for multifamily, tourist/business hubs for STRs) and consider scaling with the BRRRR method to build passive income.

If your income is high enough that you won't qualify for financial aid (or you've saved enough in 529s) then it won't matter.

You will need to save that initial income to buy your first properties, get your mortgages, etc.You don't need a college degree to swing a hammer, but that psychology class could come in handy negotiating with a difficult tenant.

The key is ensuring the property can generate enough income to cover the payments and any renovations you plan.As for pulling out equity later, this depends on the agreement terms.

The income requirement was $6000.