I have recently acquired a piece of property in a very popular part of the city that is well on the rise.

The most popular markets are ClevelandToledoMemphisBirminghamKCIndyDetroitEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

@David Woz there's a name for this and it is becoming increasingly popular in some areas.

You do not necessarily have to replace sheet rock that only has like smoke, but it will all need to be cleaned and any with heat damage or extensive smoke damage will need to be replaced.You are on the right track with getting the city involved--pull permits and "jump through the hoops"  You want to be able to demonstrate for a future buyer that you did everything you should have and the city signed off on it.  

Yes, I will be purchasing more rentals, taking advantage of how popular short term rentals are here in Fort Lauderdale at the moment! 

Now the place is payed off (I know, not popular) but it is cash flowing well.

Yes I agree it is possible (I've done it myself many times, even on my 1st deal) Just overly over hyped and not probable just like those YouTube videos will lead you to become jacked like the Rock or something.

-Insurance: $81 (just an estimate from realtor.com, using as a basis while I shop around) -5% vacancy: $116.25-Repairs: $50-CapEx: $50Total Expenses: $2,312.25Income:-Average rent of $775/room (very large master suite on third floor, two mid-sized rooms on second level, so alot of wiggle room to get this average at the bare minimum)Total Income: $2,325.00Monthly Cashflow: +$12.75The $775 average per room is on the higher side of average for 4BR rentals in the area, but the condition of the house is superb and it's in great location, right by a popular park and close to the exit onto the interstate, so I'm confident I can get it.

That also reduces interest in the house.Make sure that the auction is NOT advertised for a popular, everyone will show up time like 10 am Saturday. 

I'd be more than happy to share some info with you and get you rocking and rolling.