Just to put it in perspective, I paid my Beach house off yet my yearly bills amount to circa $40,000 per year.  

I have a different perspective.  

There are states that do some pretty goofy (from my perspective) things around real estate closings.  

I don't think this is a good deal from just pure number perspective. 

Unfortunately it gives you the brutal honesty for the hings you never think about and it may change your perspective on a property. 

The other day I wrote about the oil & gas sector from an industry insider's perspective.

.), and from a real estate perspective, I find it to be the most difficult market that I have ever encountered. 

When you do successfully close on a deal and make more money likely than a job would give you in a year your perspective might change heavily.Now many might get lucky ONCE but to duplicate those results over and over in a successful business takes skills and systems in place that you have to work day in and day out.Not everyone is a NOW seller even though you would like to buy TODAY.

There's nothing wrong with that deal, for your first that's a nice level of return, healthy challenge with renos & conversions, & not getting yourself too in over your head.If you're hiring a property management company for something that's 2-unit or less it's definitely going to be a bit more challenging from a cash flow perspective, that's just reality.  

@Mike Kalob, Coming in with the perspective of one who did my first exchange for myself in 1999 as well as a provider of them for clients over the last 19 years.