Unless there is a compelling investment reason to buy it, I think I would choose to save up the extra funds.  

And I'd have to spend $10,000 to $20,000 I imagine to buy furniture, kitchenware, beds, dressers, etc.  

My personal opinion of values is that if you're looking to get a predictable return on investment that you would be better off buying a legal duplex.

Hello Jerome, If you buy a BP pro membership you get free access to rentredi, a property management software that does have the features you seem to be looking for.

If I had to try and sum it up it would be: Form a corporate entity for asset protection; buy properties using leverage to maximize the use of your money; write off your expenses through your business  including depreciation, taxes, insurance, repairs, etc to maximize your tax deductions.  

For $150,000, this could be $3,000 to $7,500.Investing in a Rental Property: Costs and ExpensesDown Payment and Closing Costs:Down Payment: Assuming you buy a $300,000 rental property, you need a 20% down payment ($60,000).Closing Costs: Typically 2% to 5% of the purchase price.

Imagine if you buy just 1 property every 5 years, by the time your ready to retire thsi is life changing money.

My contractor told me not to buy either as he wasn’t interested in the jobs.

When buying the property we saw that the previous owner had a hard time renting the property but we thought it was due to the listed price.

So keep an eye out for any major improvements needed in the first few years of your ownership (roofs, exteriors, HVAC, electrical rewiring, etc) Things to know before starting: Make sure you buy at a basis in-line or below market comps (on a per unit or rent multiple basis).