I'm also going to be putting away at least $150/month, or more depending on the age of the home, for future repairs.The primary problem with roofs: A 800 sq foot roof on a 30k house is not significantly cheaper than an 800 sq foot roof on a 600k house.

Also, I've heard of cases where umbrella only kicks in when all of your other insurances have been exhausted and there are some other "got ya" clauses so if you are going with umbrella, make sure you know exactly how it works, when it kicks in and what it actually covers.

I also wanted to tell you guys a little about the deal as my wife in tired of listening to me talk about this rental at this point.2 Bed, 1Value: $70,000Purchase: $52,000 (or 65,000 Financed)Down Payment: $0 (Financed)Closing Costs: $3,969PITI: $348Rent: $850Vacancy: 10% (Property Managers say it is only 6% for the area but we want to be conservative)Maintenance and Capex: 8%CoC: 105%Cap Rate: 10.58%The maintenance and Capex sound low % wise but I worked with the appraiser, contractor, and some other resources to create an exhaustive list of all of the Capex's and it came out to about 4.5%.

@Michael BujnovskyAn LLC may not be needed for wholesaling, but it is a wise decision, especially when you're placing yourself in a contract with a seller, that, for some reason, could become a contractual liability to yourself, possibly opening doors to personal asset liabilities coming into play if you place your name on the contract, rather than an LLC or business name.This is not legal advice, but just some small knowledge.

While this is by no means an exhaustive list, the following questions will help you get started on your new journey.Do I Need a Partner?

There are many neighborhoods in America where you can do much better than an 8 or even a 10 cap on multifamily deals, but the question is - would you be willing to venture into those areas?  

most of the stories are from family about having bad tenants and it being more of a hassle than an opportunity.

@Ericka Grant Three quick follow up comments:1) If you want to live in this house for 10 years or more it's more of a lifestyle expense than an investment and the exit strategy is less important. 

So you often get an "if the inside is trash" opinion of value, rather than an "as is" appraisal. 

Good morning @Marisa Rowe and welcome.In the forums I’ll spend less than an hour per week.