You are essentially renting a stand alone studio at that point.

I just finished listening to the audio book version of How to Invest in Real Estate by Brandon and Josh.

It is technically considered a single family but there is  a 4 bed 2 bath house,  a 1 bed, 1 bath apartment AND a studio garage apartment.Breakdown:main house will be rented for $2250/mo which will cover the mortgage exactly. 

I'm going over these posts but I'm also a big fan of audio books and normal reading.Can anyone recommend some good books that deal specifically with notes.

I got interested in REI through books and audio tapes so what if I don't have a Mentor and on the attorney do you pay them on a monthly bases or do they charge you everytime you talk to them and stuff.

Like studios or maybe even SRO units.If I'm going to live in tiny cramped quarters, I'd rather have an opportunity to own something (stabilize housing costs, lock in P&I, enjoy preferential property tax rates and income tax breaks, build equity over time plus a little appreciation on a good day) than continue to pay rent.

I was thinking either storage, photography or painters studio.

Some will be fine with studios, while others will want 1 bedroom or more.

It already had a nice little studio/in-law apt that was pulling $425/month.A couple of years went by & the new owners got into a 'debate' with the tenant who in turn blew them in to the city.

So it is actually a studio (Which makes me feel the rent is pretty solid) but I think it is priced more like a small 1BR.While still probably not being a great cash flowing investment it is overpriced based on the comps and should be under $180K.