I'm sure this one purchase had a huge impact on your monthly overhead and will allow you to save that much more for your next deal. 

Lenders usually require 6 months in reserves / savings for property mortgage, taxes and insurance.

.- Rent was $1,750/month, but the mortgage was $1,900/month, plus an HOA fee of $360/month.- This meant I was out of pocket $510 each month.Fire Incident:- In November 2022, a fire in the unit above caused water damage to my unit.

It took about 9 months to stabilize it and then I cash out refinanced it.

I think that the rule says the monthly rent of the other three tenants must exceed the monthly costs of the property.

So if you don’t want to spend 12 months completing one deal for a $2,000 gross profit and investing 1500 hours to do it, you’ll need about $50k to carry you until deals start closing.  

I'm about 2 1/2 months home from prison.

You can invoice them monthly and collect like any other vendor. 

My ultimate goal is to generate $11K per month in passive income and I believe I can do that by purchasing 3 more single family homes in my area and paying off the entire portfolio.

We've been here a month, and will probably stay for at least one more before seeking warmer weather.