I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

Purchase price: $160,000 Cash invested: $40,000 Sale price: $268,000 I bought my first house in Kalispell Montana as a long term investment and possibly a rental.

The mortgage is $1400 and the house is worth $250k.I did tell him if it is okay for him,I could take up the mortgage and he says he would get back to me as he also as a brother and uncles to talk with.The house is close to my work place as well.Please, does anyone has a thought on this?

I am exploring options - sell his place, use is as a rental or take some equity out if it to purchase another property (I was thinking maybe a short term rental on the lake)?

The numbers may look good on paper, but the reality is very different-lower quality tenants, higher turnover, more problems and less money than you'd expect as a result.

As a CPA who lives and breathes real estate taxation, I've noticed something interesting that I want to share with the BiggerPockets community.

What I would consider as a strategy here is buying a house with an ADU.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

If anyone has the names of such non-profits and/or anyone with experience doing this as a landlord, I would like to speak with you.Michael King

As a newbie to this process and my basic need to understand it all I am trying to do my due diligence prior to jumping in.