In all, we were able to do a cash-out refinance after 1 year and got our entire investment, including down payment, back into our personal accounts and we still have a cash flowing property.The beauty of smaller town and communities is that often big-time investors are not looking at them as closely and they can cash flow quite well, at the sacrifice of "natural" appreciation.

We face a dilemma as we embark on this venture with a clear business perspective, committed to implementing best practices in property management from the start, including engaging professional property managers.

To ensure clarity and security, I will include the following language: “The sale of this property is contingent upon the current occupant vacating within 14 days of the ratified agreement.

As part of my current situation, a nice lead generating platform is included in my MLS dues so I would like to keep that. 

A lot of people will tell you, and they are right, when you do a small down payment, finance, and str the house you should be happy to break even and have a vacation house that someone is paying for you.

I reside in Minnesota, and do not see anything that prohibits from having tenants sign an addendum but maybe some people can weigh in on this and if its a good idea to include or not?

Rental income finances everything in all of them including all the custom upgrades and upkeep done mostly by hired hands.

That can make or break the value of a condo as it is only as good as the surroundings.For ADUs, generally (at least here in Los Angeles), appraisers are not giving dollar for dollar value.

It's full of practical advice on how to manage an investment, and it includes summaries of your specific state laws, and it tells you exactly where to go to read the law for yourself.Devour the book.

Great break down of your thoughts. 1.