I know it is very broad advice, but it seems that most investors forget these things. it's probably the best advice. make your money little by little. thats my motto. that and...Only bad things happen quickly :)Of course thats not always true, but it's a good rule of thumb IMO.thanks!

If you have the cash or can qualify for a mortgage, subject to certain restrictions, you may buy a HUD home.

As a rule of thumb you want AT LEAST a 1% monthly rent payment to the purchase price.

Unless the tax rules are changed and made retroactive.

State laws usually dictate accounting rules for managers, but you wo want to know all of this up front.

Maybe it's not as quick as "tomorrow" but the majority of the people trying to get rich by tomorrow aren't even following the rules of those programs/sytems anyways.

Steve, is that a rule that could vary by state?

In some states (like Virginia) if you own over 4 rental properties, at least one of which falls inside certain counties in Virginia, you are subject to the much more restrictive Landlord and Tenant laws.

Sorry it's a non-committal answer but there is no single set of rules written about how to price this out you set this up.

You also don't mention if you paid a Realtor to find your tenants.My rule of thumb is that MONTHLY rent needs to be AT LEAST 1% of value of the house, but then I'm looking for a higher return.