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We are also going to repair and clean the home at no cost to the seller if he is There is also an addendum that says they are also entitled to the profits (split with us) if the home is sold by us. 

@Jasmine HuNot sure I would go to Memphis and don’t know the VA markets.I’m in Greenville SC and love that market - midway between Charlotte and Atlanta.Booming population, income, and job growth - not as competitive as the NC and Florida locations.As you note insurance costs are in issue in FL and probably in Wilmington too.To add some additional context, one can invest successfully in most markets.For me, knowing your market is as important if not more important than selecting a market.

Will you also have enough for reserves, closing costs, and the downpayment to buy this property if you paid the car off? 

However, I’m sure Nubbs Nobb would have some effect!

I recently retired from the military and I don't want to ask for permission to do something reasonable anymore since I had to for 29 yrs.As the owner your little bit of energy savings and wear and tear on the unit will cost you hundreds if not thousands in lost revenue.

A cost segregation study is a great way to reduce your taxes, but remember, not every cost segregation study is the same.When considering different cost segregation firms do your Circular 230 Due Diligence and ask:- Does the firm have engineering licenses with the State Authorities, proper licenses overall, and proper insurance?

After thorough research and initial assessments, I estimate the rehabilitation costs to be approximately $250,000. 

@Abdul QadirTo do well in Dayton, Ohio's real estate, study the market, know the local rules, and plan for extra costs at closing.

You said cash-flow is a couple hundred dollars per month, but don't forget to factor in maintenance, vacancy, CapX, and any costs outside the monthly loan.