While it’s been rented for the past few years, it hasn’t been profitable because we had some large repairs to make (A/C change out, plumbing issues, etc.) that ate up everything we earned.

Interesting... maybe he's pulled a Ted Kaczynski and is living in a cave in Pennsylvania. ;-)

You mentioned you were busy, and although turnkey seems like the best way to go, since there is no value being added the returns are usually ate up.

@Nicholas BradyNot important if you ate smart, self learner and curious.

I bought half dozen the ran out of cash :) but being the non long term holder that I am I sold them to Germans for 10 to 20k profits in 30 to 45 days.. that's how we ate.. 

Back and forth really ate into our profits. 

After screening the tenant. yes they made enough for the rent to only be 40% of the after tax income (not just 3x gross income) their debt payments ate away at the other 60% of income which would mean that when you add utilities, food, misc spending they would be in over their head.

Premium was also around 3k and ate deeply into the rental profits.

That sucker ate my lunch to the tune of $3K a month for ten years. 

I started out renting a modest in-law that came with furniture, ate out mostly on social occasions, bought clothes at discount stores.