It sounded like a great idea until I had a renter that could come and go as they please while my kids played in the backyard. 

@Vincent PlantIt sounds like your cash flow is slightly less: consider setting aside 10% of the rent for repairs (paint, carpet, plumbing, etc.) and 10% for capital improvements (new roof, new HVAC).Consider paying any debt with high-interest rates (anything greater than your cash on cash return).Save the balance for your next deal.Good luck,

I might have to shop around a little for the refi because 20-yr at 5% sounds like a better deal than 30-yr at 7.1%.

;<) Bonus: 1031x replaced it with property in Wa!

PITI - rent = $400 sounds good for a duplex in this area.

It sounded like the parish was trying to foreclose on it from the bank.

If you don’t account for this upfront and a washing machine goes up, then the roof needs redone in 4 years, or the garage door needs replaced- that will eat into any cash flow you have built up for x amount of months.

I think the average person can easily build up a replacement income over a longer time horizon.

Sounds like a hard money loan....buy the house, make the fixes and then refinance if you are going to keep for a rental or home purchase.Lots of normal lenders will not lend on homes that are not in good condition. 

There is nothing that replaces a live conversation with someone who has already built that trust over time.