I am not much concerned about appreciation at this time as long as I am cash flow positive in excess of $150/mnth.

It tells the tenant when the rent is late and how much the late fee is.It provides for rules on pets and guests and not running a business out of your property.I have the "5 day notice" in my lease so that I don;t have to send them one if they are late so that I can immediately file an eviction once they are late if I choose to.I could go on, but I think you get the point.

You should work it into your budget as a must have and skimp on other stuff not as noticeable.

Biggest X factor is when we did our walkthrough, we noticed basement ( unfinished) is totally flooded with sitting water ( too high to walk through) and it seems like the water has been sitting there for months.

You should consider that the moment you start a business you will be subject to self employment tax which is something like another 15.6%Are you assuming that owning a rental property automatically implies you will be cash flowing positively because that is something you have to make sure of and there is certainly no guarantee about cash flowing positively.

When you use your money (cash flow and personal income) to pay down any debt that the tenant is paying (thanks to positive CF), you are adding to what the property costs YOU. 

I will keep you in mind if our position changes. 

I've heard there is an appraiser in my area that will possibly only use the income approach with this but I haven't used him before (this being my second deal) so I'm not positive.

@John Woodrich we do have a positive migration

@HAILEY ERSKINE I think in your position, you may be better off to do a virtual wholesaling.