If I get an answer of "a month's rent to place a tenant, 20% of rents and I keep all the late fees", then there wouldn't be any additional questions from me and we'd both save time.

Additionally, you can get section 8 in there, and you have gov't money coming in paying their mortgage.Follow this sage advice, you'll have over a million dollars in real estate within 2 years pulling in around $6000 a month. 

Currently, I have only been searching property listings on the MLS.I am seeking advice on whether to purchase an additional primary residence now with 5% down and rent my current owned home, or wait 3 months to save the full down payment for a rental property.

I thought my bid would be 2007-2008 taxes only, and the additional years would be the price of winning. 

I have the parents co-sign and I and additional landlord insurance to cover any f*ck-ups they do.Works like a charm..

., while I clearly don't know your investment thesis, and I agree that nearly $34k/door, even for a fully classic unit is A LOT of money, I would argue that 2-3 month rent is generally not realistic in many markets, nor is that how I assess rehabs.Personally, I look at potential rent increase, i.e. can I get $400/mo in additional rent by renovating this unit

We took a tactical pause, built up the warchest with cash flow from these three properties, did some additional rehab to further tenant-proof our properties, and continued scaling from there! 

Thanks for the additional feedback.

Additionally, there were other changes made to the tax code that affected investors, such as changes to the capital gains tax rates.

Me and my wife decided to build an ADU on the property so we can increase the property value, and gain additional income passively.