Then I'll never have to scramble to find deals or work for somebody else.If you are looking for passive income that can be passed down to your kids and grand kids, I suggest you buy and hold, and find props with large enough monthly spreads so that PM fees don't massacre you.SIDE NOTE:If you have a day job, you could take about 75% of your rental profit and use that towards paying off the note on your first and second rentals (this is why I look for cheap properties... easy to pay off).

After doing some research I started to question it though when I saw that costs can be around two grand when everything is said and done.

Forgot to mention that I would like info on the whole Rio Grande Valley.Hi @Hattie Dizmond - thanks for your reply.

I'm focus in GR and K-zoo area, as part of Homevestors.

So far all is humming along well....

@Nicholas L.your own back yardhouse hackkeep it simplebase hits win championships. not grand slamsbest of luck

Newish member here (have made a couple posts).I am originally from the SF Bay Area but am currently living in East Grand Forks, MN (husband is an AF pilot so we're stationed here for a few years).We own one rental property in Suisun City, CA (near Travis AFB), and manage from afar (the renters are actually old roommates who stayed on and are unicorn renters!).

You will also notice that when they talk about returns they will typically talk about 'return on equity' which is not a true return on you cash because your 'equity' only includes your downpayment, not the other 5 grand in closing costs. 

@Keith DavighiI will mirror some of the other comments regarding 3mo being a good amount of time to get your whistle whet but potentially not very long in the grand scheme of things.

It sounds like you already have a tenant in place who is interested in staying long term which could minimize your vacancy over the years along with costs of turnover, etc. but I wouldn't call this deal a grand slam by any means.