@Will Mejia Congrats on getting the property paid off and also on the income you have coming in. 

The lender paid $70k, and only asks for $750 per month. 

Quote from @Jyotin Gautam: Yes, a referral agreement can stipulate that the referral fee be paid at closing to ensure transparency and expediency.

Eric,Without going into too much detail on each line item, at first I use my back of the napkin method with a 40-50% expense ratio.

Here security deposit and most of the first month's rent are supposed to be paid by NJ Victims of Crimes.Fast forward now:- she did not pay her rent of January.

@Sean DillonAt 18, you're in a prime position to start building wealth with low expenses and plenty of time to scale.

The cashflow should cove ALL of the expenses for the primary (mortgage, taxes, insurance, utilities, etc) AND put money in their pocket.

and it's not only not cash, it's expensive money - for it to be worth using you'd need either (1) something short term, like a flip (not recommending that here) or (2) a very high return that beats the interest rate you're paying on it.

You can only deduct what you actually paid.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes.