We are a family of 5 so adding a couple of extra bedrooms, an extra bathroom per floor, a separate living space on second floor, extra garage space, brick/stone exterior, upgraded flooring and countertops, lots of closet space, etc.

There are a few things I'd touch out (bathroom/kitchen) but they are minor things (again, this is something I will double, triple, and check again during due diligence). 

Purchase price: $20,098 Cash invested: $20,098 Sale price: $35,000 It was a wholesale deal essentially but I did end up closing it.

I have duplexes very similar to what you have described in terms of rooms, bathrooms, sq. ft and monthly rent.

Over the last 7 months of the rental, the tenant did not have a single request... essentially making me the question the need for the payment to PM. 

Due to IRA rules money you borrow to buy real estate held in an IRA gets an extra Tax (UDFT/UBIT)  This tax essentially negates the advantage of the tax deferment on that income. 

Hey Osar , my wife and I are doing this to get our feet wet as landlords it has been very great for us so far, I think it is essential to consider the personalities of each tenant because they all have to mesh well for the living situation to function.

A property manager will act as an essential link between you and your property.

What this means is that there is essentially no ceiling to how much money you can make on sales.

I hope I'm wrong and would love to learn a new strategy, essentially buying a place with the equity it already has built in.