Additionally they have integrated guest insurance with every booking (up to $3k in damages) which I have used a few times, and $1M in liability on top of my own coverage (which I hope I never have to use).  

With 5% Vacancy and $80 water/sewer monthly bill, my cash flow is about $420. 

Always expect the worst to happen with your tenants, they can be good people but still cause major damage to your property.

@Horace Lewis First off you are missing expense items; garbage, insurance, lawn and snow, water and sewer.

If the occupants start intentionally damaging the property, call the cops and file a criminal complaint. 

Do I want to build a working relationship and transition into bigger deals down the road and use these smaller ones to test out the waters?

I know from experience that tenants can do so much damage to the property with out you knowing.

If the IRS ever looks into it, it will not hold water, and you will face high back taxes plus high penalties.In other words, these are tax savings to you, but improper tax savings. 

If you put the home Under contract for 65% of ACTUAL value or less you will NEVER be without a buyer.Wholesalers get in hot water or have to rescind contracts when they commit to purchase a property for more than they can sell it for.

It is imperative to know that your property is healthy.Trevor Conklin, you will need to factor in other costs such as insurance, water and management fees.