There are plenty of people at retirement age who do not have $500,000 liquid (or illiquid) on their personal balance sheet.But that 28 number has a downside ... you have a long way to go in your life and lots of things can happen in your personal life and in your real estate business that will alter your business and goals.First, to earn $10,000 per month ($120,000 per year) on $500 K is a 24% return ..... possible BUT you probably can't count on that much return EVERY year in any investment (OK ... somebody will dispute that assertion).I suggest that your (soft) goal for the next several years would be to double your capital to $1 million by doing what has worked for you.  

The warranty does not cover everything and so sometimes you may have to ask someone for a repair man with skills that is not covered in the warranty but if you do the math, you will save more money this way.  

You and your husband have skills that are valuable.

This guy did substantially more than the typical agent would, or even had the skills to do, to make a deal happen.What bothers me James is you jump to the conclusion that the OP somehow took advantage of the seller.

I can try and use closet boards but they're fairly short.Also pine is fairly soft even if 1880's pine was harder than modern pine.

Sounds like you've got a good background and support for starting out as a landlord -- those practical skills come in handy.

Looks to me like you are combining your skills and passions to make the world a better place, and I applaud you for that!  

Rent Perfect does a soft pull which does not impact the applicants credit score.That takes care of the knowns.

Actually @Ann North, an architect is more likely to have the skills and experience to know if a lot is buildable.

If you have the skill set to operate strictly as a business you may be OK otherwise don't do it.