I am more worried about builing wealth in the long run...everything sounds rosey here but I have never had a rental properties and some people I know tell me having a rental property is pain in ***. I

It is hard for me to commit to being in one place for a long time and I am tired of living in the town I grew up in. I

Example: I find a property for $65,000 in interested in. I

It's going to be tough to fight my way in- I put an offer in on a triplex that had been on the market less than a week but the seller received a better offer and went with that.

They seem to have their own ones they ask Investors to invest in.  I

The mother has not been paying on the property she was informed by the bank that the amount owed is over 315K (2 family in the Bronx NY) they were considering handing over the keys to the bank until I stepped in. I

The rental income from the 3 units alone completely covers the cost of the mortgage so if we were to rent out the unit we reside in, I estimate we'd have a surplus of $1400 a month accounting for an avg. of $500 put aside for monthly maintenance expenses.  

You've picked a good time to jump into the real estate business and the area you're in is great as well.

The other thing to factor in is how much money needs to be put into the space for a new tenant, even if it's another food service, and is the future tenant expecting you to subsidize some of that tenant improvement cost?

This budget is based on the bid from my contractor with an allowance budgeted in.  I