A few neighborhoods that are a tier below the west end and that would probably make more sense for you when running your numbers would include Montrose, Chesterfield, East Highland Park, Colonial Heights, and Sandston.

If you do a long lease, make sure you include periodic increases.

@Jason O.I've rented to over 700 students (under and grad) and I understand the market well.To do it successfully: time it with the academic calendarSept to May: flat price including utilities and furniture for max revenue, can include a cleaning service to keep an eye on the rental.May to Aug: depends on your city density and the amount of summer classes, increase the price to accommodate the demand or decrease it accordingly.

If you have losses that high then it is worth your money to hire a CPA to prepare your tax return.They are paper losses not actual losses in the bank.What will be an example of passive income that is not real estate rentals.I'm assuming that capital gain from stocks is not included and can't be used to offset real estate losses even though they are passive income?

The attorney who reviewed my contract was also able to confirm the typical lease rates.Oh, one thing I forgot to mention is be sure to include how and when the lease rates will increase.

Some of the people you want to talk to include mobile home park managers, owners and mobile home dealerships in the area.

The business is about leveraging so I recommend With a $100K in cash and $100K Heloc get approved for a loan that includes renovation $. 

Also, you will want to make sure that the telephone conversation you recorded is within a state that allows for one-party consent (meaning you) as that is not the case in all states including mine.  

It may be a terrible deal but you have to run ALL the numbers including "Special Assessments" from the HOAs.

I'm a 2x house hacker here in Los Angeles, including one with an ADU.