Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

But even being a Landlord and outsourcing that staffing via Property Management still requires someone to manage the managers. 

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

Do you manage your property yourself?

Unemployment was high but I had savings and managed to find work.

I have been in property management for 20 years, almost 3 years ago I moved to Birmingham AL to start my investment journey.

Hey Adam,I’ve been in the Tampa real estate game for 20 years as an investor and owner of a property management company.

The utility company doesn't manage your property...they provide paid services until they're not paid anymore.