Total still owed $13,600 (rent, late fees, legal fees) and $550 for the locksmith.Place reeks of pot, she had her adult son, who by the paystubs left behind only made $152 a month and spent his days laying on the couch (which reeked of pot) smoking and playing x-box (abandoned and power supply cut up). 

The risk seemed zero, but it still happened (city poor maintenance played a role).- because people should be compassionate.

I think that if you play around with the right deals, you will find that return does increase if you lever up to 50%, but if the debt is negative leverage (interest rate higher than the cap rate, going to max LTV can actually decrease your returns due to this dynamic. 

Stuart - so you think the play is single family homes in "nicer" areas vs the typical multifamily geared toward childless singles?

Global cash flow plays into the strength of your guarantee. 

Play around with that with your more accurate estimates.Rentometer estimates that rents in the area for a 2/1.5+ are around $2500.

It all makes for an interesting dynamic that we've yet to see fully play out.Detroit prices are up 2x in the last 5 years.

I would suggest playing the long game, though, instead of focusing on quitting your job.

I would recommend picking a major that has high earnings potential, not something like a degree playing the Trombone.

But before I give you my play-by-play, let me first overview what this concept includes for anyone new to property management or owning rental properties.