Just knowing how much work, dedication, failures etc that it takes to get on a level like this throws people's red flags up.  

It’s the 3rd and 4th years that’s the business really picks up and you can start leveraging your experience, equity and your established real estate connections to start scaling your business to attain financial freedom.If you are willing to dedicate 5 years to this business and have patience while trusting the process and taking action you can retire within 3-5 years in most cases and if you choose to be less active you could still retire within 5-10 years which at 40 years old is still going to give you the opportunity to retire at 45-50 years old and get off that salary treadmill that so many people are saved to.Great job on asking such an important question!

Here are the numbers if I rent my current house (thanks @eric fernwood , I'm borrowing the equations you've used on your posts): Purchase Price: $275,000Comps: $320,000 (house with exact same floorplan/landscaping across the street sold for $337k on 3/13/20)SqFt: 2,200Beds: 4Baths: 3Stories: 2Financing: 30 yr fixed at 3.25% ($0 down and closing costs were covered by seller)Cash Flow = (Income - DebtService - ManagementFee - Insurance - RETax - PeriodicFees)Cash Flow = ($1700*12 - $1150*12 - $1700*12*8% - $528 - $2985 - $49*12) = $867/yr or $72/monthNote: this formula doesn't account for occupancy or maintenance however the house is 5 yrs old, in good shape and I have a contingency fund dedicated to these expenses.Now here's the info on the potential condo purchase:Location: Southwest Las Vegas, near 215 and BuffaloList Price: $175,000Comps: $185k-$195kSqFt: 1,167Beds: 3Baths: 2Financing: Pre-approved for conventional 30 yr fixed at ~3.7% with 5% downThe seller currently has tenants with a lease that ends in June. 

Either way, I am dedicated to the process.Thanks again,.Ni.

. - - - Have a page dedicated to FAQ's, and your policies and procedures.

There is no reason to complicate your business by having to rent to a higher risk tenant than necessary.Foster families can be very unstable and will often have "special children" that may cause extensive damage to the property.Unless you are interested in dedicating your business to taking in charity cases just keep looking for regular tenants with less complicated life situations.

I don't own a cabin (yet.. knock on wood for changing that in 2020), but a dedicated home theater is 1990s thinking.

Needs a dedicated circuit just for the lights.Besides insuring that is properly installed, just ask for a higher security deposit and accept the higher rents. 

She has after all proven she has dedication at least to her children and had dedication to her husband through a major life event and that's not something a deadbeat or somebody trying to lowball your rent is going to be long on. 

If your dedicated and persistent you will be successful, people always say they cant stand part time Realtors, I have found some full time are not reliable, and some part time work just as hard, it depends on the job you have, and if it allows the flexibility to go out and show properties, you can be successful part time or fulltime, you can do anything you put your mind to!