Your labor cost needs to be defined in your lease and can't be more than a reasonable contractor bill.

You'll learn about all aspects of management and can learn more in one year than most managers learn in a decade, all while earning a decent paycheck.

@Michael Ludwig Others have defined it perfectly but I’ll use an example based on your St Cloud location for the 1% rule.

Hi Guillermo,Your experience with the single-family residence investment highlights several key aspects of real estate investing.

Areas experiencing growth in population usually see a corresponding rise in housing demand.You should then delve into real estate market trends, examining aspects such as property prices, rental levels, and the average time properties stay on the market.

Others were much more diligent in this aspect and required Letters from your CPA ( which is how my few syndicated investments went).

And call me jaded but I often can judge which a person will be in a few minutes because 1 defining difference between the 2 is one is singularly focused, and the other has an entire fairy tale. 

Quote from @David Alonso: Thank you for the advice, I didn't know it was against the lawThanks Only certain aspects are against the law, but I don't want you finding out later, after it's too late.

This means you can focus on growing your portfolio with confidence, knowing that every aspect of your investment is being handled by experts.As for my experience, I've been in the industry for over 10 years. 

I couldn’t agree more—having a checklist really is a lifesaver, especially when juggling multiple aspects of a deal.