It is heated by electric plug in heaters and cooled with window units.  

., upgrade electrical or plumbing, if needed) or just the new room?

But even then, you might need a very high occupancy to get a return better than that of renting a cheap house in the burbs long term, having to spend more time and energy with more income uncertainty and the risk of having the city or building regulations turn against you.

It's in a highly appreciating area but from the inspection we got bad news that the electrical needs to be fixed which got quoted at $5,000-$7,000 that I wasn't expecting to do.

They did ask if I had plumbing and electrical experience.

The best part is all the mechanicals are in good shape, electric, hvac, and water heater all recently updated.

I live 40 miles away, so I called the owner of the biggest plumbing co in the city and he and 2 techs dropped everything to get to the property within 10 minutes of my call.I had put a garage outdoor access remote on the outside of the house.. they couldn't get in thru that because THE POWER WAS NOW OFF.Luckily i had put a coded door knob on the kitchen door that opens to the deck-- i gave them the code and they were inside instantly.The water heater was STILL SPEWING WATER full blast in a stream so strong it was hitting the second story ceiling and hitting the ELECTRICAL PANEL also located in the garage and that's what had knocked out the power .The plumbers immediately turned off the inside water main cutoffand sent me photos of the EMERGENCY SITUATION the pm so calmly let me know about by email an hour earlier.i fired the pm co that instant and got on the phone to STATE FARM (my HOMEOWNERS/rental policy dwelling ins co) all whiledriving an hour to the property.i also called the city's best WATER EMERGENCY REMEDIATION COMpany while en route.When i got there, the water was turned off ( finally)the drywall ceiling had fallen in, the light fixtures destroyed, the garage door opener plastic case was HALF FULL OF WATER and there were 1000s of mold blooms on every surface and hundreds of stacks of spiky growing black mold (looked like iron fiilings we used to play with in that game we all had as kids where u use a magnet and drag the iron filings around to put hair and a mustache on the bald guy cartoon photo) the mold spikes were 1.5" tall on the wood railings and stairs going into the house, on all of my beautiful built in wooden garage shelves--- what a mess-- like the streets of Beirut after the bombs went off.and I don't have allergies -- but i could not even STAND inside the garage because the WET MOLD MILDEW SMELL was so strong it instantly gagged me and gave me a headache and i couldn't breathe.So here we are on Jan 17 and now i know that the BEST rental dwelling policy does NOT COVER MOLD REMEDIATION AT ALL ( so far $14,000) but it does cover water damage with a $2500 deductible...

I have the renovations experience, though i'd probably have contractors do most of it since i travel (i.e. drywall or the counterpart for mobile homes, electrical, etc.)

Hi @Jd Martin,Currently I own a house and between my tenements and expenses I need to put 870$ towards my bills (that include everything: water, electric, cable, etc.)

1) Pay off all credit card debt with high interest if you have it2) Establish an emergency fund. 3-6 months depending on your risk tolerance3) Decide what real estate strategy you are going to pursue based on how much time/energy you are willing to invest, and how you can add value (i.e. finding deals or finding money)4) Decide on the market you want to invest in and attend local REIAs5) Have a mentor in the market you want and add value to them At the same time you should be listening to all the podcasts and taking notes.