In his contract to sell, he stipulates that his company will be the builder on a cost plus building fee.

Damn - so new builds going for 50k less than yours, plus realtor fees when you sell - looking at 6% so 25-30k.

In other words, you will have made $80,660.42 in gains from your investment of the original down payment + the original capital from your down payment, and paid $237,910.57 in rents, for a net total wealth effect of $-73,841.15, from renting.

I am not overly ambitious or original, pretty much would take the qualifications from Brandon's book on Property Management. 

The loan modification would be signed by you and your borrower and filed away with the original note.Loan mods that affect the mortgage/deed of trust or your title insurance, among many other reasons, should be recorded.

He only needed like 17k for the downpayment and fees. 

Originally posted by @Matt Smith:I have a rental property where I didn't live in for the last 10 years.

No showings, no cleanings, no fees.

I keep doing the numbers on properties purchase price of 800k-1.1m and monthly profit after management fee, mortgage, etc comes out to be on the lows $500-1000 any tips?

Enter recurring charges and automatic late fees.