Also try to attend as many local meetings as you can, and ideally build some relationships with folks in your area with lots of experience so that you can go to them with questions (can't emphasize enough what a huge difference that makes!!)  

Others would tell you something closer to $5K.The thing I can't emphasize enough as a personal opinion is that you have to have a handle on your spending.

I emphasize that because many investors don’t actually pay close attention to their numbers.Of course that figure is assuming you have property management in place.

@Whitney Hutten I've realized that many investors that have some experience in doing BRRRR emphasize the importance of building the right team.

Emphasizing the "IF" just so nobody misreads and thinks I'm saying the numbers aren't important.

More than one person has said that to be successful, copy what other successful people do.Given that you are just starting out, I can't emphasize enough that you need to learn the real estate business (and it is a business) as well as the local market before you spend any money on buying property.I will (partly) answer one of your questions: Overall, Maryland is not, in general, a business friendly state, but each jurisdiction has its own rules and regulations.

You're watching TV in the living room, your wife plugs in the hair dryer upstairs and - POP - there goes the circuit breaker.Let me emphasize again, though: I'm no electrician...

I also hate listings that emphasize “below market rents” too much.

I'd emphasize that tax assessment of $700k means market value and potential sales price of well over $700k, exact amount depends on the exact location and condition of the house of the house and land.The best financial situation for your parents may be to sell and pocket cash from the sale, but I understand there are always more factors in play: maybe they don't want to move, maybe they couldn't afford buying another house that would meet their wants/needs, horse boarding, etc.As far as if this is a good investment for you, I'd say yes!

Edit: I should emphasize that I really don't know very much about construction so maybe it's actually less of a big deal than I thought in terms of the house being on a concrete slab vs having crawlspace, when it comes to additions/plumbing?