Less money spent on supplies, less wear and tear on your place, less money spent on utilities, fewer guest headaches, etc.Bottom line: there’s a LOT of puzzle pieces you have to get right to make this work really well, but once you master it, it can be very rewardingI preferred to invest in the year-round high revenue parts of the US where you can earn a lot of money year-round.

The better either of the two numbers (Purchase price below $75,000, and Rent above $1,000) can be, of course the whole thing functions even better.I would suggest the bigger "key" to the whole puzzle is to "buy right".  

The current tenant screening services are just that, "a" screening service which is just 1 part of the puzzle, there is still much leg work to be done and a bit of guess work on tenant track record.

By intriguing, I mean a complicated puzzle filled with potential. 

I understand each of these are slightly different (a PM is a monthly expense whereas a vacancy may only happen once in a blue moon), but to conservatively analyze a property, it seems like the safe bet is to subtract 35% of the gross rental income to save for the reserve costs.However, it seems most people analyze their deals ignoring the expenses that are not from PITI, which makes understanding how something "cash flows" puzzling. 

That's the missing piece of the puzzle for me. 

It’s very puzzling.

Hi @Chris HowieThat is a piece of a puzzle 10-15 years down the road.

Being that the drain is brass, I am puzzled that there is dirt in that box, and yes, that may be a cause for concern.

One day at a time, we're hedging forward together :-)Regarding 203k renovation loans (which is what I'm sure you meant), I have a ton of experience with them...and they are great, when the right players are involved and all pieces of the puzzle are put together right.