@Noah Levenson  Cool quote!

The rent has flowed like clockwork and I couldn't be happier to have found such a cool deal near my hometown to be able to close on the same day as my first investment property.

I always tell my wife at least once a week, I hope the housing market tanks again, because we have the in still and the money will follow like water again.

With 5% Vacancy and $80 water/sewer monthly bill, my cash flow is about $420. 

@Horace Lewis First off you are missing expense items; garbage, insurance, lawn and snow, water and sewer.

Do I want to build a working relationship and transition into bigger deals down the road and use these smaller ones to test out the waters?

If the IRS ever looks into it, it will not hold water, and you will face high back taxes plus high penalties.In other words, these are tax savings to you, but improper tax savings. 

If you put the home Under contract for 65% of ACTUAL value or less you will NEVER be without a buyer.Wholesalers get in hot water or have to rescind contracts when they commit to purchase a property for more than they can sell it for.

It is imperative to know that your property is healthy.Trevor Conklin, you will need to factor in other costs such as insurance, water and management fees. 

Now, I need to know the exact usable space, wetland delineation, water & sewer hookup cost, mitigation banking, cleaning up the trees, construction cost as exact as possible.