I am better at that, but I do live in Indianapolis, home of the Indianapolis 500, so I guess I might make a good pit crew member too

An example is your $200k property cost you $40k down payment and $3,000 closing cost = $43,000 out of pocket investment  If you property Nets you $1,000 per month cash flow you actually start making money on month 44 because this is the first month after you've hit the break even point provided you don't come out of pocket for anything else.On this example if you collected your reserves at the right amount and don't get hit with large vacancies, you're making from year 4 going forward not including any appreciation.  

Or, take the time to actually rent out their place. 

@Marian Smith,I am guessing there may be some confusion.

I guess he got my number from the last real estate agent that I bought a property from.

Sorry that i disgust you (actually I'm not at all) but I guess it's to be expected if you are ok with people that molest little kids.

Waste of money and time Orkin was actually $77.  

I don't use a formula (ex. 70% rule) instead I go by actual comps in the area.

I’ve been a landlord since 2004… so I guess, by default, I’ve been investing in real estate for 14 years.

If that is the case, I doubt you would get $1200/month for a 3 bedroom unit.While I am guessing because you did not give much information at all, I would bet the renovation would be closer to $20k for what your talking about doing.