Without seeing more details of the (hypothetical) deal, it's difficult to get exact numbers for you.

I added an extra bed and bath and rented out rooms up until I moved out into another home.

(And I’m a Real Estate Agent which makes this extra bad).

@Karen Rittenhouse thanks, for those details.

Please let me know if I'm not including any expenses or missing something key.Property Details:- 3 / 2, 1374 sqft, $89k askingExpenses ($802)P&I: $369Tax: $188Insurance: $70Utilities: $50Vacancy: 5% ($62.50)CapEx: 5% ($62.50)Total Investment (Down Payment + Closing + Repair) = $25,499Rent = $1250Cash Flow = $448Cash On Cash ROI = 21.08%This is a single family home in an area where I've competitively estimated the rent (Most units running between $1150 and $1450). 

But it pretty much requires getting help from a tax professional, not from your friends.This is a good book, but it is long and detailed, so it takes time.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

If you are mathematical and want to get real detailed with it, learn how to write a discounted cashflow model in excel. 

It's hard to differentiate between manufacturers' warnings that are extra cautious to avoid liability and real issues.I'm currently running a sample of the flooring under a water faucet in an attempt to see what happens.Thanks in advance for any advice!

https://www.roofstock.com/investment-property-details/kansascity-missouri/14920-fuller-ave-grandview-64030/1697409 There are a few things I have concern about turnkey properties: 1.