Most people also calculate in saving 10% for CapEx, 10% for property management (if you are doing your own then people still calculate it incase they want to have someone else do it later), 7% for vacancies, and usually have the repairs at 10% instead of 5%. 

I’m renting 1 room out for $950/month, condo is currently cash flow negative by ~$400/month but I don’t mind because a stipulation to my loan (VA Loan) was that I needed to live in it for one year, I’m currently paying $1650 to cover the rest but a 1 bedroom rental in this zip would be upwards of $1,800 + utilities) Currently working 3 jobs and running a small online business to save as much as possible to make my next move.

I'm saving 30% of my income from one job and all my income from a second to have more money to invest, whether it's in another property, tax liens, etc. 

I've not done it and my one criticism is the risk of interest rate increases, but if you're contemplating a HELOC anyway, you should probably read up on this a little bit as it may save you even more money.  

Hey @Peter Bui - typically when utilizing seller financing the buyer (i.e. new owner) is responsible for the taxes and typically will save up the funds to pay the whole tax bill each year. 

I think my plan is to put everything into trust so that it can create cash flow forever - well, not forever, but for a while long enough that the people I knew get off the planet.

So a small problem like a leaky sink which could of been fixed by a plumber easily now is a flooded kitchen before you get a call because the tenant was trying to save $100 and was ok with keeping a bucket or towel under the leak.

Saved me from placing terrible tenants.

My advice is to skip the OOS property investing and to instead save up the down necessary for an FHA purchase of a local detached duplex (house hack) that has a value add.  

I wanted to propose taking the property off their hands as follows: I'll bring the mortgage current, which will save their credit.