Thank you for pointing that out.By the way, my 30k came from an online business I had for a year, and I feel the pain of putting down 20% on my house, but it enables me to live close to campus for free and put a little extra cash in my pocket at the same time.Now I am just looking for creative ways to make money in real estate and avoid those 8 dollar an hour jobs.thank you for your response!

While you didn't provide nearly enough information, it's unclear that you can even afford house #1 so getting into more property sounds like it could be a recipe for disaster.More simply put, if you're not in good enough financial shape to bring an extra $15k to the table to sell house #1 *and* put enough down on this newer house that you want to buy, then you're not in position to buy this newer house period - let alone own 2 houses.

I don't know the costs anymore, but if the manual is $1,200 I would spend the extra money and attend the bootcamp.

Just because there are three units there doesn't mean that it is legal.We currently manage a 2 unit that has an extra house on the property that we let the tenants use for storage as the property is only zoned for sfr/duplex.

So, we'll add roughly $100 extra a month for that.

No need to pay any extra for this.

so if a rental brings in $180 extra a month, it isn't taxed?

Assuming that maintenance and repairs will cost 20% of gross rents (I believe this number to be way north of what it will actually cost) we arrive at $1,015 for maintenance and repairs.I will also have an extra $2,000 in a revolving CD ladder as a slush fund to fix whatever Murphy's Law throws at me.So:Gross rents: $5,076Taxes: $701Insurance: $766Debt service: $2520Maintenance and repairs: $1,015Cash Flow: $74I realize this will be basically a wash as far as cash flow for the first year, but I think I have all my bases covered as far as projecting what expenses will be.

If I went this route I would not have to spend extra time in school either because I meet all the prereqs already.

REI_Kevin, can you explain how you collected the extra 49k at closing?