Reason to rent is to have to a loan payed off and a few hundred dollars each month cash flow after all expenses.

See what you can do based on town requirements.

It may require more capital and harder work, it all depends on how bad you want it.

HI Nichole,There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

We also did many calculations of income and expense models over time, based on usage.

Oh and don't buy fancy expensive cars save that money.   

Then getting legal requires Liability Insurance, Bond, Workers Comp , Etc.If you do all this, you will probably lose money the first few years while you learn the ropes....but after that you can expect to make about 20% for Overhead And Profit .

In many such areas, the operating expenses will always outpace income unless you're an expert on such areas and renting to low income, which it's almost impossible to be when investing out of state. 

Again, check to see if this is a "recommend" or "required" observation.

Your gain is sales price less sales expenses less adjusted basis.Your adjusted basis is purchase price plus improvements less depreciation.Also factor in any passive loss carryforwards when calculating your gain.Your CPA should be able to discuss with you what tax implications would be upon sale.