My goal is to buy and hold to the point where my wife and I can replace our incomes.  

We bought our first 100+ year old house as newlyweds (read: naive children) in 1998 and have lived in and renovated several since, selling for a decent profit each time and learning how to do things like remove milk paint, do plumbing and wiring, and jack up a porch to replace failing beams.

.$1150/month rent - about average for the area$67k left on a $73k loan @ 5.75%, appraises at around $90 (so 25% LTV) - $900 PITIcarpet will likely need to be replaced after this tenant leaves - had 2 large dogsall major appliances ~7 y/o and in good working orderI bought it in '09 - it was my first home purchase - and lived in it till summer of 2012.  

Before I moved in, my PM told me what needed to be replaced and whatnot via website.

And the ECC guy told me I cannot remove any trees without replacing it with another, because the community is an "urban forest."

Make sure to get 20-30 spare tiles so you can replace the inevitable broken tiles.

While living there I gutted the kitchen and bath, installed hardwood and replaced the roof. 

If you can get rid of the trailer then get a replacement and re-rent or rent the land to someone with a trailer. 

Hi, We recently replaced an older Speed Queen coin operated top loading washer and dryer with a new front loading (also coin operated) washer and dryer. 

I'm $10k over on one rehab, $7k over on another and I've been at this a while...just replaced a heat pump on a rental for $4k, too.