Okay this is one of those situations where I am sure there is no definitive answer, but I am interested in seeing how everyone's management styles would address this.Abbreviated facts:Tenant moved in on 1/1 of this year, have had a good relationship with them thusfar.  

You need to understand costs involved, even  in a quick flip. to understand these costs you should know the marketing time, and for the type and style of home in that location.

You keep learning while you continue to grow your savings to a point where you can enter the market at a higher level.Adjust your life style to insure maximum savings.

Since this will be my very first investment property I was just wondering if anyone could give me advice on what to look for and if this style of real estate investing is a good way to go for a first-time investor.

I thought he was going to come in and build cheap track style homes and try and get the biggest bang for his buck without any thought to the neighborhood or the impact those new houses will have.

And when it reaches the level to fund a new property (after the increased cushion the new property will dictate) I pull it and purchase.At times I get frustrated because it doesnt allow my portfiolio grow as quick as I would like, but my style is essentially fool proof.

They're townhome style, so each unit can be bought/sold separately, with separate tax codes.Here are the stats:3 units, 3 beds, 2.5 baths eachBuilt in 1984All currently rented (don't have actual rent amount, but I asked a property manager in the area, who said she can rent it for 795 - 800 a month each)Gross Rent: $2385 (795 * 3)The numbers:Monthly Total Operating Expense: $1050 ( 5% vacancy, 5% repairs & maintenance, 5% cap ex, lawn care, 150$ insurance --guesstimate, 10% property mgmt)P&I: $620 (20% down ($30,600), 4.5% interest, 30 yrs)Estimate $1000 in repairs (we haven't seen the inside), total investment including closing cost comes to $36,190NOI $16,123Cash Flow $8,681Cash ROI 24%Cap Rate 10.54%Gross Rent Multiplier: 5Monthly Cash Flow per Unit: $241After all the learning I've done with the help of BiggerPockets, I want to make sure my numbers make sense and I'm not missing anything major.

Choosing a legal entity is a highly complicated area of law based on the following;A) The specific business plan of the individual.B) That individual's risk aversion.C) The management style of the individual.D) The individual's goals.There is no such thing as a one size fits all business entity.

If they are reported for smoking indoors a second time, I meet the police at the property and evict if there is any evidence.I personally have no animus towards dope smokers but I do not want it bothering neighbors, making someone ill, or ruining my rental.

@Dan Perrott could you provide some details on location/style.