Obviously there will be other items that come up but it's a good outline to start.AddressPurchase PriceDown Payment (20% if HM)Loan AmountRehab Cost Est Interest Rate# Holding Months Homeowner's Insurance PolicyOrigination FeeDocument FeeHOA Fee if applicableProperty TaxesTitle - Lender Title InsuranceTitle - Owner's Title InsuranceTitle - Binder Fee - Buy SideTitle - Binder Fee - Sell SideTitle Messenger FeesRecording Grant Deed - Buy SideRecording Trust Deed - Buy SideRecording Fee - Sell SideStatement Fee - Sell SideEscrow Fee - Buy SideEscrow Fee - Sell SideSub Escrow Fee - Buy SideSub Escrow Fee - Sell SideLoan Doc Signing ServiceMonthly Int Only PaymentNHD Report $99Utilities (Electric, water etc)Owner's Title InsuranceTransfer Tax - Sell SideHOA Docs Order if applicableHome Warranty $500Agent Commissions (4-5% of sale price)Wire Fee $25 per wireFiled Articles of Incorp for LLC (if creating a new LLC)ARV #Minus Down Payment Back (20% if HM)Minus Rehab CostMinus Holding Costs, HM FeesMinus Realtor Commissions (4-5%)Net Profit

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@Bruce Woodruff really appreciate the encouragement here. great points made on the fact that a bad tenant is a bigger problem than paying a mortgage payment.

I would be bringing the down payment (about 30%) but otherwise I would like to be a silent partner.

I am a first time real estate investor looking the following property : https://www.redfin.com/OR/Forest-Grove/2418-Cedar-Cir-97116/...its a pretty large duplex in Forest Grove OR,  the trick is though, its on a lot zoned for a 4 plex so I am lookinginto house hacking, converting into a triplex, then living in one unit while renting out the remaining two unitsThe left garage has been converted to living space, with a living room, half bath, a laundry room with a sink and some counters/cupboards and a bedroom, it is a part of what was an existing 3bd unitIf I were to acquire the asset, I would first attempt to convert that space into its own unit The line items as I see (be in mind, I am totally new to this) would be to >put up dry wall where the door to the rest of the house is,>add a shower to the half bathroom >install a water heater in the adjacent 3bd unit> install a kitchen in the laundry room, (stove , oven , sink, counter space)>add a shower to the half bath Assuming I can convert it to a 3plex, I could at-least cash flow on my investment after I leave My plan would be to put minimum down payment of 3.5% (FHA loan) that way I can have a decent amount of capital free to do the renovationsThe only concern is when I crunch the numbers to get my ROI, I have no idea how much its going to cost to convert the additional living space to a third unitAny experienced investors here know how I can estimate this before I try to make an offer?

So I was looking for a quick/responsible person/family to rent and take very good care of the house and treat it as his/hers,if you can promise us that you are going to take very good care of the house you have no problem with us.The house is located at ( 156XX 60th Ave N, Plymouth, MN 55XX ). 3beds 1baths The rent is $800 security deposit payment to move in asap is $700,Attn : The rent are including the Utilities are intact such as Dishwasher,Dryer, Electric Stove, Fridge, Washer,Air Condition,Sewage,Trash,all included in the monthly rent,as i am in a governmental programmer that sponsors my utilities on monthly basis etc..

If so, you'd probably pretty familiar with the process and it would be a good idea to do another house-hack if you had a good experience from it.In general, if you're out of pocket-payment is less than the rent you would've had to pay, it's not a bad idea to do a house-hack.

It can serve two purposes, provide a roof over your head and still provide some income to OFFSET your LARGE MORTGAGE payment, since you are considering putting 5% down.  

Still no economy to support the increase in home prices, so needless to say we got hit pretty hard in the Crash...Other drawback to the area since there is a shortage of Economy up here, would be the Commute time up and down the Cajon Pass, 4000' elevation climb in just a few miles, " the Pass" has been know to ruin a brand new car before you are even done paying it off, so figure in a new car payment if you are thinking about commuting to work from here...  

I would love to find a software to help automate the following tasks, there are lots of options, most at $40/month, would prefer cheaper but will probably pay this for the best software that can best handle:- creating a direct booking website from my Airbnb listing, I know some websites have an auto-builder which would be preferred- handling automated messaging- handling calendar and payments, including add-ons- sending agreements and collecting and returning depositsI am overwhelmed with the options and suffering analysis paralysis.