I figured I should look into it in general, so I want to study all there is to it.I am not into flipping or playing with papers and deals.

It will show my loan account as active and current but mortgage company will report all credit bureau on monthly basis that I'm on "Forbearance Plan".

So I'm accounting for around 3-4k a year in my forecasts for reserves for CAP ex relating to  waterheaters, centeral air, siding, roofing etc.

Account Closed I disagree.  

Make sure you have enough of a reserve to account for unexpected expenses such as vacancy and major repairs.

Here's the numbers:Single family house in NE San Antonio. 1,456 square feet, 3 bed 2.5 bathPurchase price: $105,000Rehab; $20,000Hard money loan: $112,500Cash out of pocket (From HUD stmt):$12,500 (down payment)$2,250 (points)$385 (lender fees)$892.50 (title fees)$1,320 (insurance)-$2,001.34 (credit for unpaid taxes)Total: $15,346.16Actual rehab cost: $19,678.12Hold time until rehab and refinance complete: 98 daysInterest expense: $3,020.55Refinance loan terms: 30 year adjustable rate mortgage at 5.75% interest fixed for 5 years at 85% LTV and 1 point.Appraised value: $164,500Cash-out refi amount: $139,825Cash back in my pocket after lender fees, title fees, down payment, interest expense, insurance, etc are all accounted for: $5,389.50Now the place is rented for $1,200 a month and I figure I'll pocket about $200-$300 a month after expenses and mortgage payments and in the end, no money tied up in the deal!

@Jd MartinInteresting to hear you don't buy your own materials - I can certainly see the upside to that.I prefer to buy my own materials when possible (mostly from Lowes as they are the most conveniently located) as I like the perks of that amount of money being put on my account.

This benefit doesn't "get cancelled out" through an IRA or 401k; it's just that (unlike non-retirement account entities) these vehicles don't have any taxes to pay in the first place.

For the person who did not call or show-up to both scheduled showings and are interested in making a third appointment, can i legally tell them I am not interested in renting to them due to lack of commitment and/or accountability, or do i still have to show to them?

Go to your local rent court proceedings for eviction - you surely will find some referrals thereAsk the tenant to manage themselves - they can call for maintenance - and deposit their rent check into your account at the bank when due - give them deposit slipsTrain someone to do the things you don't want to do - pay them a percentage of the rent - there are lots of folks who would love to do this for youManagement takes a big bit out of your profits - be smart save the bucks - do it yourself - it ain't that hard.