Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

I think the more likely scenario is that it is drastically overpriced. 

Ultimately it's a matter of preference and deal dependent, and inspections are not necessary if you're confident in the price you are getting Appreciate the reply, I think I'm on the same page, not sure why did it on the last home really 

Unless I did go wrong somewhere.Monthly cash flow: -$8,830The income: $2,500/moExpenses: $11,330CoC ROI: -129.48%5 Year annualized return: 0.00%Mortgage Payment: $3,015.49Loan Details: Total Cash Needed is $81,841I think I input everything correctly.

I am doing a job in Shaker Heights OH for which I currently have 150% of budget in escrow with the town housing dpt.I can only get the funds released once violations are rectified.

I think both areas are great.

I think tenants in areas with rent control will say that it is great. 

Hello, I think it’s really awesome that you’re just now beginning and you are already coming to the forums to learn so the first thing you need to do is to continue to stay on the forms and you also need to be reading all of the bigger pocketbook and start listening to their podcast to soak up as much knowledge as you can and as long as you do that, you will have all the knowledge you need to start and regarding your question I do not advise to buy a single-family house just to live in it without a rental property aspect so it’s OK if you want to live in the house as well but you will have to either get a multifamily property or you could also buy a single-family home and rent out the other rooms  now see when you have a property that you use just for your family then you have to pay the mortgage every month which is building your equity, but that responsibility is solely on you whereas if it has some sort of rental property aspect, there will be other people helping you build that equity if you were to buy a property just for yourself that is something that will be taking money out of your pocket every month while as a rental property if you buy right will be putting money in your pocket every month the only exception to what I just said is if you buy a property for yourself or just for your family to live in, you could do a live-in flip to where as you’re living in the property you rehab it while your living there and if you buy right with enough knowledge, then when you turn around to sell the property, you will make profit

Thinking about using it for our family’s summer “vacation home” and short term rental when we are not using it.

I dont think these things are hard and fast.. to me look at whats left after the rent is paid is it enough to really live on.So if rent is 5k a month for instance that means tenant needs 15k a month in income pretty standard .. well that tenant now has 10k a month to live on.. most people can make due on that.so if this tenant came to me and only made 10k a month  2X the rent I know they have another 5k a month to live on so sure that works.where this is important is in lower income low rent areas were rent is say 800 a month and 3X is 2400 minus rent leaves 1600 a month for EVERY thing else can you live on 1600 a month ???