Overall, I'm pleased with how the purchase has went, but I definitely need to be more diligent in the future as I start to use more of my own capital or private funds.

Here are the numbers,Purchase Price: $165,000 as-isFinanced: $123,750 (25% down, couldn't put any less down with a conventional lender)Mortgage Rate: 5.25% (no points); 5.35% APR -rates are on the rise it seems.Estimated closing costs: $4,500Initial cash invested: $46,310Gross Rent: $1,725 ($875/$850)Operating Expenses: $815 (includes mgmt fees @ 10% & capex of $275/mo)Cash flow: $140.77Principal reduction: $142Cash-on-cash: 3.65%Total ROI: 7.4%Possible near future repairs: Roof (Estimated at $4,000); windows (Estimated at $5,000). 

I'm looking for a good lawyer and future friend here in Durham.

What I can't tell is if updating the plumbing and electric now will cut down on future headaches, or will the headaches be caused if we have a few hundred more to pay monthly in loans on the renovations. 

Hi everyone,I'm posting looking for advice, and to hopefully help educate future home-buyers!

Also, this is a long play, I see it as I am building up houses with cash flow, but also a good chunk of equity/appreciation should I need to sell off and use the cash for something else sometime in the future.

And don't want to put in irrevocable trust as we may want to sell  in the future.....The only other option I have found is to put house in partnership (wife and I) LLC's name on the basis of this is our "office" and tool/equipment storage for other rentals in a separate LLC (weak if it ever goes to court?)

@Joshua Savage,IRA (and investments you make with your IRA) designed to provide you with the future benefits, at retirement.

I went down the wholesaling rabbit hole and decided I wasn't a fan, explored creative financing compared to my personal risk tolerance and logged it away for future potential use, found the BRRRR method and read just about everything posted about it.

If she moved eventually, it would be a perk for any future tenant with an electric car.