That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.The $1,000 a month includes incidentals for maintenance and taxes etc.

Even when I self manage I include pm because it is work and I do not work for free.

My primary focus is on properties in Miami and the surrounding areas, including Homestead, as I’m familiar with the market here.

Estimated about $25,000 including utility hookups.  

It will include a compact bathroom, a tiny kitchen area, and a heater—just the essentials to make it comfortable for someone to stay in.

I've tried to include relative information, without writing a novel. 

In that they will detail the scales they use, including at which level of renovation it's possible to get things "reset" so it is appraised as if it is a new built property.

They want to put 75% leverage including interest only 3-4 year term loans on their acquisitions. $600M total potential acquisitions.

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

My application includes an acknowledgment that everything is true and complete.