Once you get stabilized, put ALL your money into a savings account until you have a healthy nest egg that can protect you for several major disasters.

Jenny and NA NA would you by any chance be interested in contacting the Judge Judy show producers and agree to settle this on the show.

My wife is our producer and I handle the video camerawork, lighting and sound.  

My goals involving real estate are to obviously become a rental property owner and be producing passive income long term.

@Cody L. appears to have done very well investing in Houston but I point out that RE investors in san Diego have also produced outstanding ROI. 

It has just recently renting out and it seems to produce more income compare to last year.

Do you know that the average San Diego SFR has produced more dollars of appreciation in the last 5 years than the average Midwest SFR property has produced dollars of cash flow for the last 50 years?

If priced correctly and your operating in a market with strong single family NOI Yields, you may be able to pull some if not all of your equity out of the deal when you refinance to apply to another deal and maintain ownership of the single family home that is producing on-going rental income.

So most likely a rehab of some sort that wouldn't need to be producing a ton of cashflow initially but after fixing it up it should be producing an OK amount of cashflow for what amount of equity I have in the place.I really like the idea of the BRRR strategy and will probably aim for that.

If it doesn't at least break even (preferably produce positive cash flow) when adding in the expenses, it doesn't seem like a good deal.