You have to have the ability to be flexible with your plans and adjust when needed to accommodate a renter, if you want to be able to claim expenses  and show you are intending to make a profit

Currently the rent barely breaks even but the price has appreciated quite a bit.Should I have the condo sold today, I would have about $260k on hand ($180k down pay + $80k profit after exp.)After listening to some podcasts and doing research, I decide my main goal is to buy and hold for the passive cash flow.

Another thing that is pretty typical about banks is their 20 to 25% down payment.One other thing that I forgot to mention was that the multi-millionaire can only borrow from a Bank is 4.5% and that he plans on profiting 150 million this year. 

*****************************************************************************Here are a few things to think about:- The headline is speaking about income, sounds like profit, but is actually revenue.

My# 1 rule for investing" You can never lose money by taking a profit!"

we still made just under 200k on that one project so we came out ahead if it would have caused a loss or no profit It would have been different .. and I did want to bust that 200k glass profit ceiling on a SFR new build.. have not done it yet at least on anything under 750k..  

Then take the profits and go with a multi.

Their profit is the difference . 

But is that really what makes it profitable?

I know I could probably go hard money but my concern is being able to refi into a normal bank loan within 6-12 months because I'm certain my equity won't be sufficient by then, even if I'm reinvesting all profits, and especially since the payments will be interest only.