For example, what is the cost of living now and projected in the future? 

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

I was wondering will the insurance cover the cost or no because no police report?

I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.

You will learn the cost of maintenance/cap ex and how tenant quality plays a big role.  

For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

Co-living will be necessary due to housing cost. 

Account for the cost. 

Type Line Item Fee Fixed Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $600 Variable Fees Business Hour Service Calls $90/hour + Materials Cost + Tax After Hour Service Calls $120/hour + Materials Cost + Tax 3rd Party Coordination HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Negotiated Vendor Cost + 10% Oversight Fee  

Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.