The first 7-12 days pay the utilities, the rest of the days of the month are profit and money saved for those big expenses that eventually need to be done. 

In the meantime, remember that your tenants are buying this property for you and eventually, you will own the property free and clear.  

There are always exceptions but that should not be your intent in buying liens.1) What do you need to research prior to purchasing - again, its state specific but some things that come to mind: what kind of liens are attached (not all liens would be wiped out if you eventually were to go after the deed), is the property there (i.e. check for a burned out building), etc, have prior year taxes been purchased? 

Managing subs all the way like any other thing its hard at the begining but eventually you will build relationships with these contractors.They will know what you expect and what not but if you dont want to struggle at the beginning well go with the GC

@Derrick Thomas, did you eventually find funding and continue with your tiny house idea, or did you abandon the concept?

Iam currently analzing the yonkers ,mt Vernon- and Bronx realestate markets. my plan is to p-urchase a 2 family home to receive rental income while iam living in the property with my family.this property will eventually be fully rented  after I transition my family out.my question is which market do you guys think is better . iam trying to desperately capitalize on either on going gentrification or gentrification that will happen in the near future.

@Matt Katsaris We will actually be house hacking and eventually move out once we get our next property.

I plan to purchase a 2-family house as a house hack and eventually rent out the other unit.

There were a handful of repairs we had to make, just to get it livable.However, we bought this home to eventually turn into a single family and restore.

I live in SC but the property I am buying is in NC (we plan on moving back to NC eventually).