My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

You cannot deduct your rehab costs until the property is in service. 

These are non-standard setups.

For cash-on-cash evaluation of rental properties, it is critical to identify ALL of  your acquisition costs. 

@Greg StrunakA good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Quote from @AJ Satcher: I am currently house hacking with an upper/lower setup - I occupy the upper.

It can range from simple touch-ups to more extensive setups, depending on your needs and budget.How Does It Help Me Sell My House?

PS5, TV and two gamer chairs is about the same cost or less than an arcade unitThis is true and that is why I have Xbox in my cabins.  

Just make sure you set up a LLC to rack up the required experience.

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