Hi,    I have an LLC I can run income through, in years past I have never "paid" myself a management fee for self managing our rental properties as I had never wanted to pay the additional self employment tax. 

Duplexes in Taylor, Texas (40 min from downtown Austin and less to the Domain, Round Rock, and major employers like Apple, Dell, Samsung, and others) run as low as $150,000.

@Sviatoslav Gulko  sounds like the ductwork was sized just for a heating system .

With all the money I wasted, I could have bought decent size apartment and living financially independent life by now

Yeah, you can get them for $40 but depending on the size of the room you might want to go up to $60 or $80 to get a longer unit. 

I agree to what the other posts here had to say....just one point, I find that I  don't put such a focus on 3 times the rent, simply because it's  not a one size fits all, a single person has much much less expenses than a married couple with 3 kids.........I look at each situation individually 

Responsible tax firms employ the strongest protection available today.

A full remodel for a unit that size, all done by contractors, would cost more than $35k.  

Get a hold of their nursing/employment assignment contract in case they try to pull a fast one on you and just squat or claim tenants rights.

The size of the park is just a scale matter.