I was able to get more than I would normally had I rented the entire unit out.

@Christopher Hardy @Jessica DilksIt depends - If your W-2 income has enough withholding to cover other forms of income where there is normally no withholding(Interest, dividends, Business income), then there is no need to make quarterly estimated tax payments.The issue is that the IRS does not to paid once when you file your return.

This also encourages people to delay, delay, delay maintenance until they sell their own condo, and so condos under this system usually go downhill.The other way is for the HOA fees to be high enough so that stuff like new roof, new parking paving, new siding, etc, can be financed and then is paid out of the normal fees. 

@Brent Barnes,I sympathize, because my husband is a teacher, and he does come home and normally needs a few hours to decompress from the emotional stress.   

The turnover itself required some cleaning they missed (under appliances, mopping, windows, cleaning carpets, etc), carpet replacement (normal wear and tear) and painting which I know I can't charge for, but were an expense I had sooner than planned with their early termination.  

Right now, you have $2,200 annually, so you're expecting the rental to be empty for a full month each year, so you'd just need to know your market to understand if that's accurate or not-Property management: it's normally advised to include PM in underwriting, in case you don't want to self manage in the future.

You may be able to do some arbitrage in this area.Unfortunately that's quite normal for military housing. 

@Kevin FitzpatrickReal Estate investing normally requires three traits to be successful - Money, Time, Expertise.Are you getting into the business with your brother in law because he has traits that you are missing?

When you walk in it, it feels like your in a normal bathroom anywhere else in the home, it's that level of finished.

Normally the state will have grants to assist with closing costs for Owner Occupied homes.