I haven't seen this lately but be careful and read the terms - there are often terms in the mortgage that preclude using the second home as an income property or limit the number of days you can be paid rent on it.

That is a very high income so I would definitely look to acquire some short term rentals to supercharge the cash flow.  

Furnished Finder Expected Rental Income: $750-$850/mo PER ROOMWhat I Learned: - Serious investors will write on a deal that fits their buy-box- Knowing your buy-box will create an easy decision making matrix for you to move quickly on deal that work- Have your "ducks in a row" so when you find a deal that works, you can perform - Be someone who performs in contract - barring glaring issues with properties - if you write on a deal AND close, you are more likely to be presented with future deals FIRST because you take action - Be someone who other people and other agents ENJOY working with.

I am a military officer with ten years until retirement.

Buy Box: - Within 15 minutes to a major hospital - Within 10 minutes to a Starbucks (LOL)- At least two bedrooms- Light Rehab Only (paint/floors/decor)- Furnished Finder Expected Rental Income needs to be 25% over PITI How did you find this deal and how did you negotiate it?

I'm retired, but spent many years as  a land developer.

We cleaned up the issues and problems, and maximized the income which increased my NOI.

I also have W-2 income. 

The company I work for has great benefits including retirement that I don’t want to lose.

Lesson: don't do illegal things like rent out units that aren't up to code  - some people with paid off properties try to be cheap and do things like this or do under the table rent so they don't report rental income to the IRS.