I am the person that is to nice to employers and customers and they have been eating me alive and thats the reason why i was burned out.

I was interested also to have it managed by a PM , but the 30% fee might eat too much of the gross income.

I’m totally open for out of state or whatever meets my numbers and doesn’t eat up all my cash, since after my third house i may be all out of cash until i wait a year or so to do a cash out refinance on my first or second property to then allow me to buy the fourth and then fifth...and so on...Any advice would be great, thanks!

In most places, the real estate will seem cheap but it will not appreciate materially, your tenants and/or property managers will drive you crazy and accruing capital expenditures will eat up all of your cash flow.         

For a recently-built B-minus class property, I might set aside 3/4 of one month's rent toward maintenance and CapEx each year, while an older, C-plus property might require allocating a full month's rent.If you assume every vacancy costs you a full month of rent, then one vacancy per year eats up 1/12 annual rental income or 8.33%.

I’d agree w the others, take this as a lesson learned and see what you can do about your tenant paying that deductible and talk to your insurance about the amount you can expect to see your Bill go up, if it eats your cash flow and your plan is to sell next year anyway this may be a chance to get this kitchen “remodeled” and hit the market

I like the lower security deposit strategy I just don’t want it to eat away at cash flow when tenant leaves.

I hope he will forgive at least $10K as he said previously, but I am not going to put all of my eggs in that basket.

Unless you believe they are going to eat those extra costs.

They've got alot of eggs in this particular basket and I don't feel like that's my long term goal, but also don't want to discount the area; 75% of the population there is renters so SOMEBODY has to own them, right?