OR potentially a lease to own option.

The best place to start is with a spreadsheet that has every every cost itemized. 

Most PM software allows late fees to be charged.Ours allows us to absorb the cost of tenants paying electronically thru the software - it usually wants to charge tenants, but we want them to pay electronically.We manually charge tenants a Processing Fee for mailing in their rent, a slightly lower Processing Fee for depositing to our bank.Your success will depend on the Class of your tenants.

That's not the same as paying cash.According to a different post, your credit card debt costs you $600/month.

I was a student they offered to sponsor a deal for and it has cost me everything, literally. 

., known for its upscale appeal and strong demand for vacation homes.Properties in the Hamptons attract affluent buyers and renters, offering a high potential for appreciation and steady rental income.he property may have been undervalued due to its condition, presenting an opportunity to add value through targeted renovations.

Also you should inquire with insurance agents about the cost to insure.

Basically, the further you get away from the city the more potential for cashflow, but you're also dealing with a different tenant base that may be tougher to manage.

With running this "business" there will be operational input costs.

Insurance cost for weather-related disasters is growing to a major concern in many of the southern markets.