I guess my 41K number above would need to consider this amount which would drop it down to about 36k and then utilities are a separate amount.  

We use the base salary for all of our day to day living expenses and any commission money goes into a separate investing account.

If you were already depreciating building before rehab, add the rehab cost as separate asset and start the depreciation.

Also, remember to eliminate emotion from the decision. 

I purchased a SFR for $40k less than FMV and renovated the basement into a separate unit (essentially creating a duplex). 

I learned how much I was actually emotionally attached to this property.

Depending on your market, you may be able to find a small SFH and get roommates or you could get a multifamily property (duplex, tri or fourplex) and rent out each unit separately.

Purchase price: $120,000 I was the Exclusive Buyers Agent in the transaction.Units were separately metered for water/sewer which was a great plus discovered in DD.The downstairs 2/1 unit was delivered vacant but this was the lowest price/ SF transaction around Olympia in the last 20 months which has great upside on rents and value with it's close proximity to USC and downtown.

Purchase price: $470,000 Cash invested: $10,000 Bought a house in paradise with a separate ¨In-Law¨ suite to collect $1,000/mo What made you interested in investing in this type of deal?

If you're in Cleveland...not so much.So the market really matters if you're looking through the lens of appreciation.If we break it down simply on cashflow, then from the limited information provided, it's highly likely you're going to be bleeding money each month (especially if you're living in one of the units on an FHA).Side question: Can you actually use an FHA on two separate buildings even if they are on the same lot?