A 24x24 shell with no heat or insulation and 15 amp power can rent for $600 a month.

Set for Life by @Scott Trench is a good primer, along with Rich Dad Poor Dad so you can different views on what it's like to start.

SFR - Low cap rate (3% or so) Multi-Units - 10% Cap Rate, but poor condition*Multi-Units - Low CAP rate, tenant occupied*I understand my options for fixing things up at a property, but here are the issues I am running into.. 

Sounds like you've had poor expectations on how the process works, poor communication from your lender, and maybe there is more to your file that you are letting us know. 

Work a lot, save it all, eat the food that your mother makes for you and go to work- then when you have a big pile of money of your own you can decide if you want to risk it On real estate.Read Rich Dad Poor Dad.Good Luck!

You have to stay on top of them as there are plenty of poor property management companies fewer reputable ones.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

For example:Task              Estimate       % Certain       Low Estimate       High EstimateDemo            $1,000           80%               $800                    $1,200Roof             $8,000            90%               $7,200                 $8,800Construction $8,000         80%               $6,400                 $9,600Misc              $4,000            90%               $3,600                 $4,400--------------------------------------------------------------------------------------------TOTAL           $21,000                               $18,000               $24,000For me this is useful to determine a good deal because if the high estimate is still good I know that even if everything goes poorly it will still be ok.

If they perform poorly, you are out the rent income or their paycheck, and you have to pay to fix the problem.

I'm reviewing my rental property insurance after having gone through issues with the first ever claim on my current policy, which we're finding out has poor claims service and lacks ordinance or law coverage.