recovering this negative position can consume years of the actual cash flow when using realistic expense estimates.  

If things go sideways, you discovery greater rehab expenses, the market takes a turn for the worse, you can get in the red quickly. 

Life is about as good as it gets here, which is why it has become expensive. 

Managing self-employment income requires tracking eligible deductions like business expenses, home office use, and retirement contributions.

Hopefully, not an expensive tenant or Fair Housing lawsuit.100% of what @Travis Biziorek states is true, but he left out a key fact - he lived in the Detroit area when he started investing here, so was able to self-manage and meet everyone he had to hire face-to-face.

Tell the tenant if they are having problems affording rent, they are welcome to give notice and find a less expensive place to live.

With family it can get tricky as you want to make sure they understand you're going to be flipping the contract onto an end buyer for possibly more money than $1M and that's how you end up getting paid... family can take this in the wrong way LOL :) 

@Shayan Sameer If you can service all debt and property expenses and have money left over then I'd say it's worth it.

.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

In terms of getting a mentor, I had one of those and paid $18k for the privilege.