With in 5-7 years I would like to be able to financially stable, that is to say that at this point I can cover all living expenses as well as be able to be able to purchase a car, or new appliances, or cover medical bills, all without having to worry about if I'll enough money to eat that week. 

Do you plan on using some sort of accounting software to keep track of income and expenses?

Insurance is a pass through expense to us (part of our monthly lease payment) so if we screw around filing claims and our rates go up that passes to us to. 

I've done a few flips in the past but the contractors were quite expensive and on the slower side for completing the work.

I average around $200/unit/month for regular operating expenses (many of which might not show up in first few months of ownership) and use around $50/unit/month for CapEx.  

In my city, that much would by a really nice house in the expensive area of town, but I'm in Knoxville, TN. 

Here are the details:$319k (with an ARV of $319k)15 bed / 6 bathGross rent: $9050/monthMortgage: $2799.45 (100% financing at 10%)Total Operating Expense $3849.33/month (Maintenance 17%, Vacancy 7%, tax and insurance included)Monthly Cashflow: $2401.21If you have any thoughts on this property, I'd love to hear them.  

Which isn't bad at all considering the median household income is roughly 54k. 

Cleaning is expensive because they clean or remove every square inch that could have come in contact with meth smokeSo the risk from tenants is no less than the risk from selling it to a new buyer.  

The median Sales price in Tempe is 242k and I'm getting the house at a 20% discount.