Overall, managing an apartment with Section 8 tenants can be super rewarding, but it takes careful planning to keep things running smoothly and profitable.

- Go look carefully at the numbers and you'll see this.If you could acquire more rentals and they threw off $500 profit each/monthly, how many would you need to make a living?

Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

What do you do with the profits from the company to avoid income taxes.

Maintenance costs are a huge factor in the profitability, or not of any investment property. 

Looking for a creative way to either turn my current property into a rental or a flip or any other way to make a profit. 

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

So, in reality every month your moving close and closer to sucking out months/years of profits via items aging out, cap-x coming to bear. 

Ultimately, a “win-win” keeps your tenant profitable while ensuring you’re not underpricing your asset.As for notice periods, definitely check your local regs, from what I’ve heard.