I think that the rule says the monthly rent of the other three tenants must exceed the monthly costs of the property.

So if you don’t want to spend 12 months completing one deal for a $2,000 gross profit and investing 1500 hours to do it, you’ll need about $50k to carry you until deals start closing.  

My ultimate goal is to generate $11K per month in passive income and I believe I can do that by purchasing 3 more single family homes in my area and paying off the entire portfolio.

You can invoice them monthly and collect like any other vendor. 

We've been here a month, and will probably stay for at least one more before seeking warmer weather.

But this will likely take months.  

Hi all, I am looking to get into real estate investing with low funds and the ability to spend around 2k a month on the business.

I have heard of some evictions taking as long as 6 months when the typical time to evict in Indiana is about 35 days. 

4. is turning it into a rental property sensible given that it's been on the market for 4 months now with little action?

However, the flooring was just into the beginning stages of depreciation.In 2019 I did some rehabbing and replaced all flooring with waterproof LVP throughout having paid about $3586 for materials and installation.