I'm simply trying to point out that if you have to take a hit to your net worth to get started, you should probably hold off on getting started until you've exhausted all other options.And unfortunately, Mike, it does take an acquired skill set or some know how to see those returns.

The application is pretty exhaustive and we used a mix of forms from here (Marcia Maynard's criteria sheet), NOLO forms, and rocket lawyer (free trial for 30 days - yay to state specific lease forms!)

Of course there are variations in those figures when a water heater leaks or pipes freeze (I am in Michigan), so I have a little trepidation as I have never exclusively lived off of my rental income...kind of like going out on a trapeze wire without a net for the first time.I have a good network that send me deals (usually 3-5 a week) to look at...and have roughly $450,000 in free and clear equity.

He has complain numerous time about the pipes that needs to be fixed.  

I was the person that purchase a baltimore city duplex from FNMA, that had my copper pipes cut a day before closing back in August. 

.: Mortgage payments increased due to increased insurance & property tax, owner working but accepted job paying much less than they were making @ previous job (24-years), exhausted 401k due to medical bills, etc., and need a break. 

If I binge on sugar (my largest vice sadly) then I wake up feeling exhausted and not rested.

I need a couple of bathroom exhaust fans replaced. 

Then caulk every crack you see along cabinets, baseboard, pipes, etc.  

I had a home I was rehabbing with a less than 10 year old Lennox furnace that decided to quit on one of those minus 15 days and thank God I had a carpenter working there that day who's just an all around smart guy and he knew I had some propane fired heaters sitting in a garage at another house, called me and I got them over there before pipes began to freeze and burst.