@Joo Chung I require tenants to carry renters insurance (naming us as additional insured).  

This means expenses that exceed your income will carry over until there is enough profit or you sell the property.

Don't get carried away with any "inspection" unless there is a health hazard as may be determined by a health department, you can cross the line with your idea of housekeeping, you can't tell someone to dust or pick up clothes on a bedroom floor or wipe the oven out (you could, but they can tell you to take a flying leap). 

All this not mentioning that in the RE scenario, you're carrying approximately $37,500 in debt for every $100 you plan on collecting.

I also pay close attention to my credit score, and aim to carry low debt. 

Home Depot carries Jeld-Wens which are actually a pretty fair price for a entry/mid level window.

So carrying costs, etc. will be higher than they should be.Overall, profit should be somewhere around $70k.

Close on $115K, seller carry was $100K, interest only.  

No IOU's No carrying someones notes.

How exactly does a partial seller carry back work?