Being in Albany with the colleges, you could probably do pretty well with renting out individual rooms to college students, depending on where you buy a property.

I know of an individual who made a similar purchase in 2006 and sold earlier this year and still took a loss.

You can never read enough, so become a student of the books you read and the BP podcasts you listen to.When I re-read Rich Dad Poor Dad by Robert Kiyosaki a few months ago, it made me realize even more how much real estate can become a wealth building financial strategy.

It sounds like you have been reading to much Robert Kiyosaki (Rich dad Poor dad) if you think a SFH is a liability. 

I am sorry for my poor English but I hope you guys understand what is the point of my question.

If you did that, my guess is you'd end up right back in debt within a year because you're not addressing the underlying problem (poor money management & living beyond your means). 

Income passes thru at individual tax rates and you get Business expense deductions.

I bought the property only two years ago, but my realtor steered me badly on the expected property tax ($4,500 on a property for which I paid $162,000), making this a poor cashflow property.

Reading Rich Dad Poor Dad really put my mind in the right place.

Do you prefer to work with individual property managers or property management companies?