Monthly Expenses and Cashflow:- Principal, Property Taxes, Home Insurance: $1,446.38- Property Management (12% of Rent Price): $358.08/ mo.- Monthly cashflow: $1,179.54Obviously these are rough estimates, but I feel that I've given myself enough buffer throughout the calculation/ analysis that if there are any unexpected expenses, I'll still be able to cover them and have a property that Cashflows a decent amt each month. 

He can't call the wrap due, if the person he sold to has met the requirements of the wrap.The guy who bought on a wrap, did so because he can't otherwise qualify for financing, so a lender won't likely be doing a refinance for him.Does the guy who bought on a sub to and sold on a wrap just walk and let the chips fall where they may?

I have always had the option of getting a graduate degree but never felt the expense would justify what little benefit I would receive.

So if you can find a parcel that doesn't seem to have multiple fatal flaws, or at least you think you can add value to fixing/figuring out their constraints, then I would do that and then just flip on the MLS, especially if you are able to let it "season" a bit, which the title companies in California require anyway...they won't insure a flip of a tax parcel until some time has passed.

Tenants frequently do not take good care of the properties, and the government requires certain standards for the condition of the units.

The down payment plus closing costs, expenses to make the property rent ready, travel back and forth (do not purchase a property in a market that you have not visited and/or do not plan to visit pre and post purchase), and the required cash reserves puts your realistic purchase price around $150k. 

Building on a lake requires experience with the locale and building regulations.

This will be a major expense, so I want to make sure its worth it compared to other options to spend my money. 

What are the requirements for an owner to hold an open house in Texas?  

I think Punta Cana is waaay to expensive if your main goal to high rental profitability.