Assuming you're not in any type of rent control situation, you can raise the rent immediately if month to month.

I live with my parents in the Houston area and I want to start (as Robert Kiyosaki would say) minding my own business, and pursue real estate investing.

My family (parents and I) would like to purchase our first home primarily for more living space and with the assumption that in the long game, a home [and the land that comes with it if it's a single family property' will only appreciate especially in the southern california area where the population is already dense.I've heard on one episode of the real estate podcast that we should have exit strategies - the property should be able to be a rental, be flipped, or one that we are fine with living in until the market is at a good place where we'd like to move onto a new home.What strategies would you advise a first-time home buyer in buying their first home - do you use a checklist?

They own nothing but control everything, right?

@Erik Whiting it has been slowly growing since 2010 but it is now out of control.

Examples: I take a refundable pet deposit instead of a non-refundable one or a monthly fee, I currently pay the whole water bill without taking money from tenants because the duplex is watered together (I will eventually get a separate meter but the outlay is more than I want to pay right now) assuming it doesn't get out of control, paid for the new doorknobs on the bedrooms because the tenants requested locks despite the lead tenant saying they would pay for it, planning to replace the microwave hood simply because it's louder than it should be though it still works, etc.I'm probably losing out on a minimum of $100 monthly.

Buyer understands and agrees that, so long as Seller has fully complied with Seller’sobligations under this Contract, any act or omission outside of the control of Seller, whether intentional or not, that prevents Buyer from satisfying the Balance Due at Closing shall constitute a material breach of this Contract by Buyer. 

Not to mention the new rent control laws they passed that makes it harder now to evict a bad tenant.

I prefer to have less controls placed on my business by my brokerage and more freedoms to pick and choose. 

Investing in the stock market is pretty risky when you think about the fact that you have very little control over how well the stock does.