@Chris Harn this really depends on your business model.

These numbers are totally a model, but you can evaluate each component based on the relative risk in your situation.Regarding eviction, I would recommend starting it sooner rather than later, especially with inherited tenants, who will challenge you until you demonstrate control of the property. 

@Erik Whiting  its a great model for the buy and hold landlord that does it all themselves.. its just a business your business is low end rentals.. 

But all in all the model should work, assuming the purchase price was right?

@Garth MackendelHere are two models I’ve used in the past:1% rent method.

It's part of our model. 

I’m also an aspiring real estate investor looking to expand my knowledge and confidence as I begin my career as an investor.I’ve been listening to Bigger Pockets over the past couple months and it’s really opened my eyes to investing in real estate.

But for the STR there are a number of additional questions around operating model.  

The numbers the first few years don't cash flow that well (damn PMI) so I'm currently letting that soak in and trying to model out what numbers make sense.I also bought my first 2 unit property out in the West suburbs so have about 1.5yrs of experience as a "removed" landlord (property is about 45mins away from downtown).

Purchase price: $301,000 Cash invested: $30,000 This property changed our investing model.