So, best case scenario: You'd spend a couple thousand dollars to sue them to force them to open escrow and go under contract.

Looking to spend around $20 to $25 per hour for the right person. 

You can spend that time screening tenants looking for more deals or doing anything else you like.

Ideally, by the time we're in our mid 40's, it would be nice if she could switch to a part time/casual type of work schedule and I could leave my full time job and concentrate on maintaining our real estate portfolio full time, and we could both have more time to spend with our 5 kids and eventual grandchildren.My wife and I talk about saving a lump sum to put down on our first rental, but after spending 15 months saving and paying off debt, I am ready to start investing! 

Hey Daniel, Before you spend money opening an LLC I suggest you go to your local credit union, bank and portfolio lender and find out what they're looking for exactly to qualify you for a business line of credit of x amount. 

Also, don't over spend, try to find a home that will fit your needs and be in line with the rental market. 

You are a reflection of the five people you spend the most time with. 

The problem is that people think they have to spend $400,000 to only make somewhat more than I make with a low-cost property. 

You would then only need to spend what $7,000 or so as the down payment would be 3.5%.

Additionally, I had a bed management team prior and already had to spend close to $1,000 to get the property back into rent condition after switching management companies.