One toilet replacement will cost you that.

The reality is that it does not pan out that way in the C and below areas unless the investor is very hands on or has a PM who is very much hands on.This draw to high cash flow brings with it a number of questionable players that has got many investors burned....some of whom I know so be careful who you deal with.What happened to you in Memphis can happen here too if you are not careful.

We don't want to throw money down the toilet for the next year on over priced rent (Nashville area) when we could purchase a home that needs some rehab help and build equity as we live there by fixing it up and that we can eventually use as a rental property after a year or so.

There have been a lot of pan-handlers claiming it as prime real estate.For whatever reason, this guy set up camp today.Maybe it is because he was once a pan-handler at the same spot and things have turned around for him or he may just have a thing against pan-handlers.I did not ask him, why but I shouted out to him if he would allow me to take the photo and he said "sure".

A few weeks later they called the board of health on me.I review the items from board of health, and they are very ridiculous.Example, stain on the ceiling (need repair), the toilet seat is old and not smooth (need repair), tenant has no access to the basement, I don't post my contact information in the building ... etc.What is your opinion on this matter if you have encountered it in the past?

I think this could be a problem if that single source doesn't pan out.i had a thought of opening a line of credit (not a HELOC) with my credit union so i have it ready to go. 

There WILL be stress as you search for that initial property to buy at a good price, and as you learn how to deal with tenants, get phone calls for a leaky toilet while you're having supper with the family, or that crazy cat lady with pee all over the carpet. 

I'm also looking for a general labor crew: someone to install toilets, lay laminate flooring, screw in odds and ends, and build a custom kitchen island.

NONE of this makes your rental unit uninhabitable.Frankly, I hate it when tenants view a legal contract such as a lease as nothing more than toilet paper.Gail

They don't take care of themselves and when the toilet plugs up or the AC breaks or the roof leaks the PM will not be out there when the tenant starts screaming at you over the phone that they will not pay the rent until you get there at midnight on Sunday to fix the problem.