I also don't know if the water / power are metered separately - I plan to drive by today and look for meters.Now that I know I have time to secure funding, it boils down to getting the pre-approvals done and deciding on what I'd bid.So to update my back-of-the-napkin conservative numbers:Rents:  $3900 / mo or $46,800 / yr assuming fully rented which isn't hard here.Expenses: Lawn care ($400 /mo during summer, or $2800 / yr est. 

@Lindsey Thomspon wood rot (potential siding and window leaks), mold in attic could be a ventilation problem with the bathroom, ceiling damage from leaking bathroom above (in walls too most likely), water in the crawl space (poor lawn grading which is probably the reason for most of the moisture), just to name a few.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Who’s going to mow the lawn, shovel snow, etc?

Don't forget to account for lawn care, legal fees for evictions, leases, etc.I would need 0% owner financing for this deal to work for me.  

We got calls/ texts (typically in the middle of the night), more like rants, for closet door off tracks, other tenants leaving toys out front, chalk marks on asphalt, leaves on lawn (typically gardener was there every 2 weeks), etc.  

My idea is that we rent our current home while maintaining the management of the pool and lawn so the tenant does not have to worry about the added cost, but maybe adjust our rent to account a bit for that amenity, and then buy another property that we will live in for a bit in order to update and get ready for rental as well. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.