I still have a full-time job, but my goal is to start with 1-2 flips/year for the first couple of years, then ramp up to 5+/year.Right now, I’m focused on learning as much as possible—market analysis, deal sourcing, estimating rehab costs, and raising capital.

•One-year rental restrictions aren’t necessarily a dealbreaker if you can afford to cover association fees for that time or live in the unit while making upgrades.2.

You Might Not Live for FreeMany first-time house hackers expect that their rental income will fully cover their mortgage, but that’s not always the case.

Also we both have full time W2 jobs.

Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.

Its a a matter of time until someone does it! 

Unfortunately, over the 11 months he has lived there, he has only managed to pay the rent on time once.

Purchase price: $270,000 Cash invested: $20,000 Sale price: $360,000 Purchased a house to rent out and complete smaller but necessary renovations and cosmetic updates over time.

So, you need to know what the terms and conditions and time frames are for the private/HML lender when preparing to submit an offer.

Over time I have amassed a good quantity of houses with no mortgages.