Currently my real estate experience consist of being a landlord ( I love that term btw) for over 4 year.

By and Large my business takes on problems from irresponsible people, fixes them and offers a beautiful property to responsible people.In just the last 6 months:I bought a thrashed house from the parent of a pill popping gun nut who had numerous run-ins with the police, including an armed stand-off with an AR-15!!

I have a relationship with someone who has enough liquid capital to fully fund deals for me, however, he is not even remotely interested in making a consistent cash flow on a long term hold deal.  

I considered that an investment sacrifice in myself.Armed with all of these things, I was able to speak confidently to potential investors, use other peoples stories that I was connected with as examples and build the trust and credibility.I do go into great detail about raising private money and working with investors but this give you the nut shell version of what worked for me and what would work for you or anyone if applied properly and consistently over a period of time.Hope this helps!

I consistently have the ability, between my thorough/ hands on property management team ( that I assembled and manage), construction ability encompassing all aspects, and successful tenant placement procedures...to acquire houses, renovate them, and have them pay me rent of 9-1000 a month over and over again, while costing me right at what you are talking about out the door. 

I also agree with policy consistency to keep you out of discrimination issues and safety reasons.Also, why is that person worried about it? 

I feel pretty comfortable in that arena...only catch is these guys have never sent invoices, don't offer autopay, and generally let 6 of the tenants to consistently be delinquent for 30+ days with no ramifications.  

The keys to a good finish is the right surface preparation ( diamond grinding with a finish at 120 grit to 150 ), the right stain ( typically water based that looks consistant with color and finish), and the right sealer.

I have always loved real estate and I purchased my first property in February and flipping it now (my contractor is not consistent :-/) but I'm learning.

After taxes, insurance, upkeep and vacancy, I'd be able to have a positive cash-flow of ~70 per month for a CAP rate of 14.5 and an ROI of 25%.These houses have been updated consistent with the standards of the neighborhood, but one of them will likely need a roof in a few years.