Hi Yu Jin,Dayton is a step up from Toledo but also comes with a step up in price.The numbers make sense in many Ohio cities.You make money when you buy and not when you sell.So look for off market (We do a lot of direct to seller), negotiate hard, buy with cash and buy quickly.Great deals don't last so you need to know the numbers very well in your target market.I've flipped hundreds of properties in Toledo since 2014 and am glad to say that I know the market like my back pocket.All I need is the address, scope of work and how much I can buy it for.Quick access to AREIS, the MLS to run comps and "ka ching".I know if it's a deal or not.Immerse yourself in the market and become a market expert on the numbers.Nothing comes easy mate and all good things take time.If you are looking to build a rental portfolio in Ohio you have to build a big one.Buying 1 or 2 properties and expecting a significant impact to your bottom line from a net-worth or cashflow standpoint isn't worth the risk IMO.In all sub $100,000 markets, it's important to build a large portfolio as there is a high likelihood that you will have repairs and vacancy on 1 or 2 properties at any given moment.Just my opinion and all the best.

Signed a month to month lease and took the lease and the first months rent to the bank.

I'm guessing the way to do it would be by opening up an llc, and going through there.

Yes, there are a lot of people who spend less than they make and have a surplus.There are others who are inheriting wealth from othersBut there is another subset that we often forget: those who have equity in their homes.Much of the equity has built up due to a runup in home values since 2020, which allows these people to use a HELOC to purchase a home for cash.When rates were low there was a group of people who were using Hard money to purchase and rehab buildings and then refinancing at the end this was the BRRR strategy.Hard Money is not an option these days since the cost of refinancing at the end of the project is too expensive.So when we see people paying cash, it is often pent-up savings and HELOC money that people use, and not as often Hard Money.

The other good news is you ca use the rents of the other units as income to qualify so you can essentially qualify for a higher home price.That sets up your next investment property as you move out its now a 2-4 unit with multiple doors bringing in more income. 

Then they need to get cleaners lined up (and they often have several units turning over at the same time, so that takes a few days) and have to do inspections and then fix things.

A follow up question:Is it true that if Monthly rent is >= 1% of purchase price should be considered as a good investment and which does not meet this should not be considered for good investment?

My advice is to house hack the property that you end up purchasing.

When you agreed to co-sign, you agreed to pay if your daughter does not pay. 

I have a duplex about to go up for sale in Fort Myers and currently have one for sale in Cape Coral that is owner occupied on side.