First Income Property

[Justin Morgan]

My wife and I are discussing buying our first rental property with the aspirations of having 3 or 4 to supplement our current income and hopefully fund college for our children which are still young. Our plan was to buy a home at 50-75k and rehab it with 20-25k and then rent it for 1-1.2k. The Tapma market has many properties with numbers like this so that will not be hard to find. A few things I'm concerned about though. One, if it was that easy to make those numbers work why isn't everyone doing this? Two, what are the best ways to fund such a project? Three, which way is the best to limit the risk of my family's future and tax liability in regards to LLCs or other ways to make the property a business asset? I have many other questions, but I feel like this is a good start. Thank you all in advance for your help.