Are we talking liability from being sued or risk of losing all your money to a bad turnkey company who sold you property for double what it is worth in a war zone, or the danger of a few bad tenants and not getting rent money for a year or two? 

But a 15 year mortgage will also increase your debt to income ratio, which means you will qualify for fewer loans after this one. 

I could see why they are so dangerous in tornados.

In our current market cycle there are fewer "deals" than one may have seen in the past, but they are still out there.

Sadly I can't house hack up there.I also think I may be too conservative on my house hack analysis (dangerous thought, I know 😀).  

This would put you somewhere in the 6% cap range, and close to $90 per unit per month cash flow assuming you wrap the repairs into your loan.Here are some of the numbers that I used for your calculation:$220k purchase price$50k repairs, wrap into loan$60k closing costs, which includes escrow account20% down pay, since this is technically not commercial (fewer than five units)5% interest, 30 year loanTotal cash needed at closing: $114kIncome, I used your numbers that you gaveExpenses, I used:10% income toward maintenance (covers lawn care, snow removal, etc)10% toward CapEx savings8% Vacancy10% Property Management$1400 annual insurance$2000 annual utilities (guessing)$3000 annual property taxesAnd finally, the breakdown of results:

Preparing to get real estate license,  too dangerous in Ohio to do wholesaling! 

It makes for more renters and makes for fewer buyers which means less demand and more supply.

For instance new appliances in furniture and fixtures are depreciated over a fewer number of years than a new roof for example.I save my capital expenditures in a file and verify/provide to my tax accountant at the end of the year for him to confirm depreciation period.

The more difficult that list is to compile, the fewer number of people will likely be mailing to it.