Long story short, you spend a month cleaning and renovating, then you find a new tenant after just 15 days.In total, you lost three months of rent income ($3,000) plus paying utilities ($500).

My vision for CountOnCam LLC is to be a company that would like to provide a shared housing experience for women and children, immigrants, and low income families.

The net rental income should be about 65% more than the mortgage. 

@Jemini LeckieRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Build up job skills, build up savings, and increase your W2 income.

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.

  :)  Thank you in advance.Jarrod  I ended up doing a STR under 7 days to offset my W2 income. 

I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

Quote from @Olga Daisel: @Randall AlanI agree with Randall on getting more details, $7K gross a unit btw is a great gross income.

When your rental income is 1.5-2x the mortgage payment - as is typical for highly refined STR strategies - they're basically not concerned about the mortgage payment.