Start by reading "Long-Distance Real Estate Investing" by David Greene.

Since there is no "Rehabbing" catagory, BP, wink, wink, i figured i would start here. 

That puts total income at $2,400 to $2800.

You have to pay capital gains regardless of whether you had a mortgage once you sell unless you do a 1031 exchange in which case the process starts itself over and you don't have to pay capital gains tax unless you sell and don't 1031. 

I am totally understanding the phrase, what is free is often waisted because the tenant is not frugal when it comes to utility usage.

If your bank ordered appraisal (if you had one from your purchase) is less than the assessed value, that's a good starting point to submit as supporting evidence.

Multi family on the very low end will start around 400 for a big project.  

Then I have a solid baseline to start the rehab.  

They aren't financially responsible if things don't get fixed etc.In my area many out of state landlords designate a local partner, handyman, etc as being their "agent" for purposes of this requirement.If there is a serious issue with the property, I guess there can be no excuse for the agent not to come to the property quickly to at least evaluate and start to address it unlike someone out of state.

.- Mountain views- Onsite fishing/waterfront- Game room/arcade- Wood burning fireplace- Access to pool/swimming- Hot tub- Outdoor firepitIf you have a great mountain view or are waterfront, you are definitely starting out on 2nd base.