I hope this helps!

Hope this helps!

Hope this helps!

After that, I'd refinance and either rent it out or sell/1031 to get into my next property after that that will hopefully cashflow, or I'd rinse and repeat since I have one small rehab under my belt at that point. 

Hope that helps. 

I'm looking to do my first (hopefully of many) long term single-family home rental deal.

Have you ever heard of a Landlord being sued by a Tenant and losing property?

You can lose a TON of money, or dramatically decrease your earnings, if you don't know how to manage the property well.

Others will disagree with this...and that's fine.In my opinion, the key to success in real-estate is not avoiding downturns (which is impossible because no one can accurately predict when and how badly...and trying to time also often results in missing good deals too)...but instead structuring conservatively to *expect them* and be able to hold through them (not lose the property) and get out to the other side.

. - Lose out on most (now you're stuck with that vacant lot that, if you go sell it, will be a stale listing with little/no interest), win on a few, and hopefully the wins offset those losses.