Thanks Mike.The problem with Long Island (Even during this Real Estate slump we're in) is property values here in addition to the ridiculous taxes and insurance make it very hard to cash flow.

You'll also have other prepaid items like a appraisal, insurance, inspections, and surveys.Rental:You have your total acquisition costs as a starting point.

You'll also want to check with your CPA about the tax implications of moving the house in and out of entities.Be sure that you also check your hazard insurance and title insurance each time you re-title the property to be sure that the proper entity is insured.

Putting the house into a trust and(ex 123 main st trust) assigning my company as trusteeThe seller asked me a question regarding keeping the insurance in place as well.

Murderer was lurking in the shadows) as I babbled something to the effect that my insurance company probably wouldn't approve, or some such nonsense.BuhBye!

Plus insurance and utilities.

Our obligations will be the taxes and insurance and any regular maintenance.

That's easy to determine by looking at the classified ads in your local newspaper or talking to other successful landlords in your area.Finally, your insurance cost of $22 per month looks suspiciously low to me.

I was looking up the contractor RGC Builders, Inc. and noticed that they advertise on their website that they have insurance and workers comp, but when I looked up the contractor on the Palm Beach Contracotrs Certification webpage I discovered that RGC Builders, Inc does not have either.

I'd guess the P&I to be a bit under $600/month, so with insurance, taxes, and HOA charges, you're probably in for $900 or so a month.