@John Smith, I would start with defining where you want to invest: both geography and asset class.  

You should definately get the knob and tube replaced as it has no grounding system.

The range is very broad.

It would help if you defined what your success looks like in the 20-year mark.

@Wasam HawariIt is possible however it will depend on your requirements and what you define as affordable. 

And in a really broad generality. cash flow properties are not as easy to sell or manage as high appreciating assets. 

I drove by the property and it is currently occupied which is why I thought maybe contacting the previous owner might be a beneficial tactic.I would definately love your title company referral, I was going to check it out and make sure its clear before pursuing it further.  

I have a question about what all is included under the term "maintenance."There are a few rules of thumb out there for estimating maintenance costs (e.g. 1% of property price/year, 10-15% of rent, $1/sqft/year, etc.)....

As a real estate agent specializing in house hacking, as well as a house hacker and investor myself, I sincerely hope the city adopts these changes tonight and modernizes its views on what defines a household.

And will definately keep busting tail to get this going.