Lot of risk to take to accommodate a fraction of a percentage of current users. there are digital methods that are cheap, fast, easy and require little infrastructure already (ex: venmo)

It’s a good start toward getting your deals done correctly.

I used the 4 square method to estimate a monthly expense of 1150 a month.

@Jill Davis the best method to compare fees is by receiving "Loan Estimates" from the lenders you are choosing between. 

At Bigger Pockets, you can reach out to other real estate investors while completing deals successfully and correctly.

Hi Darren,Diane and Michael are correct; under Section 121 of the Internal Revenue Code you (as a single individual) can exclude $250,000 of capital gains from your taxes if you have owned and resided in the house as your personal residence for 2 out of the 5 years prior to the date of sale. 

I tend to agree that the market is likely on the higher end, but we have already seen our first nice correction starting from July of last year to Jan '19.  

Our above gentleman are absolutely correct in what they’re saying, but nothing beats driving through and laying eyes on the neighborhood just in case it’s one of those hidden gems.

This can work out for you but your risk is in buying the correct property with good mechanicals and modest deferred maintenance. 

I know this is not a traditional method but it works for me because to collect that money up front would pay for my holding costs for 2 months regardless of wether or not they come up with the rest.