Now the house will appraise for $75,000 and you go to the bank and get a mortgage for $55,000 and at closing you get the "cash " out in the form of a check to you at closing, in effect netting a $15,000 profit.

Hard to say what's best and most cost effective without knowing the configuration and size of the units.

Good to know about the retirement strategy, let's see if I can remember that when it takes effect...in 40 years!

Properly worded leases have no effect if the tenant has no interest in following them.

Because almost everyone starts off small, and then usually grows faster than they have time to create efficient/effective systems.

Thus, getting my REA license.ORObtaining my GC license eventually with knowledge and skills on estimating rehab costs and being a trusty and effective GC.This would also be my future employment prospects if investing would not suffice for my living wages.Being my first post, I hope I don't sound too naive.

I have seen some homes that have literally added a "box" on the back that contains a new "master suite" effectively converting the home into a 3/2.

If it's a buy and hold over a long term, it may not be such an issue but availability to financing effects your exit strategy. :)

Not sure how it would effect taxes or evictions.

It has allowed me effectively manage my time and pulls in a large number of tenants.