If the basement was finished it would be about 1,500 sq. ft.Option 1- Fix & RentCost of Repairs: $10,000 (Estimate to get the house rent-ready, would leave the basement unfinished)Market Rent: $1,100Monthly Profit: (Rent $1,100) - ($700/month) - (8% property management cost is $88) = $612/month Other Benefits: Tax write-off, continued appreciation, continue to pay off mortgage, risk-management against my other rental property, passive income.

Planning, such as selling in a year with lower overall income or using a 1031 exchange, can help minimize this tax.

The thing I forgot to mention is that I'm living on a small fixed income.

I work full time in a welding shop to have proof of income, so I'd be able to get my fha loan.

If I don’t get good applicants ( credit/income) by day 7 on market= price drop. 

I just turned 60 and would like to retire on REI passive income by age 70.

I can probably do 3 to 4 flips a year and replace my W2 income and cover Health insurance.Yes I know, I'm not looking for advice on the podcast, but others are and the advice in this one episode was shocking and scary. 

HI John, You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

When we got into larger loans, we decided to syndicate each loan into a separate Series LLC so that the passive investor could pick and choose if and how much he wanted to invest in each loan.  

Make sure you are saving at least 10% of your income to purchase.