If you acquire leases that you MUST honor, then you may intend to occupy the property once the earliest lease is up.

In addition don't forget that the rental income also includes a principle reduction amount that adds to your net worth each month.  

If that number factors in maintenance, vacancy, capex reserves in addition to both principal/interest payments and the taxes and insurance I would definitely do the deal. $2580 of annual returns on a $0 investment is a hell of a return. 

I waited until I knew enough about investing, to reduce my risk, before I pulled the trigger and made my first purchase.I'm taking massive action to acquire properties over the next 5-6 years and take advantage of the low interest rates.

By that I mean a company that will acquire and sell to me a distressed property, handle rehab I pay for, and then provide good leasing and property management in-house afterwards?

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex.

I help investors acquire rentals in quite a few different markets.  

Having a general working knowledge of the area you want to invest in is usually step one.I'm relatively new to investing as well (working on acquiring my 4th unit now) - I'm in the Chicago area and in general I know that returns in the Midwest can be higher than in coastal areas, so you have that going for you; but every neighborhood has it's own oddities and character.