You're thinking long term, which is great, but that means all the long term CapEx items are going to catch up with you...one more reason to limit your time with SFR and aggressively move to MFR where you can realize efficiencies of scale. $150-200/unit/month is probably more attainable.

By training under the watchful eye of someone smarter or more experienced, we can only get smarter.

@Grant Sevek, I don't keep a super close eye on HELOCs, but usually a few points above a 30-year mortgage; often variable rate; 75-80% total LTV on investment properties.

VRBO and Airbnb platforms make it pretty easy to self manage.Find a great cleaning company that can handle turnovers and be your eyes and ears and a handyman for small repairs and you are pretty much there.You can use sites like TAKL.com to find other services that you don't routinely need.

@Brett Stander, thanks for sharing, but that might be a bit TMI regarding yours and your mother's finances in an open forum with over 1 million sets of eyes... 

A piece of advice to those of you who live in expensive parts of the country/world and have your eyes on the midwest and southeast United States to get into cashflow investing...As an active BPer, BRRRR investor, and an agent who works with investors in Cincinnati, I get a boatload of messages from BP members who are looking in markets like mine for great deals (at least 20% below market, great cashflow, not a lot of rehab, etc.).

And 60% are in NOT AWARE of problem mode.So, if you're confident in your product or service, it's time to focus on a very untouched 97% of your target market by ripping potential leads eyes away from their scrolling or researching into reading how you have the solution to their need!

Thanks for the comment and catching errors in my spreadsheet, @Wyatt Franta.I fixed the error and added $10K/yr cost to OpEx (management and admin).

That is a good catch-all and also leaves up for questions what is catastrophic, but basically it means you won't ask for anything cosmetic or little.

Hard money may be expensive, but it's sometimes worth it to have someone else's eyes on your deal to make sure it's a good one.