Estimated Monthly Expenses:Mortgage P&I: Assuming you finance $200k (20% down, $50k) at a competitive interest rate around 7-8% (depending on current market rates and your credit) over 30 years, your payment might be in the ballpark of $1,350 - $1,470 per month [2, 3].Taxes/Insurance/PM/Vacancy/Repairs: We usually budget a percentage for these.Taxes & Insurance: Let's estimate maybe $300-$400 total a month (depends heavily on local NC rates).Maintenance/Vacancy: A good rule of thumb is 5-8% for each of those categories, so perhaps another $160-$250 total.Total estimated expenses could be in the range of $1,810 - $2,120 per month.

Even though the ARVs may be $260k, this doesn't mean a developer will pay $50k for the lot even if they totally could.

(Luckily, your premium hasn’t gone up that much, so you were happy with that situation.)Then imagine that one morning you get a call (the property is on the other side of the country from you) that there was a fire, and the tenant claims that it was a wire in the attic that the FD found to have been chewed on by a rodent that caused a short and led to the insulation catching on fire… total loss, except exterior walls.You file a claim with your insurer.

Your list makes total sense, especially when you’re thinking long-term (purchase, rehab, ongoing management) with a few rentals — that can get messy fast if you try to track it all manually.I use Baselane’s platform and it’s been good for many of the things you mentioned: I can track rental income and expenses, tag transactions to specific properties, and it helps me stay organized for bookkeeping — so I’m not juggling spreadsheets for every little cost.

Utilizing my Mortgage Loan Amortization Schedule tool: A $250k Loan, $3k annual property tax, $1,500 insurance: - 30yr at 7.5% = total monthly payment of: $2,123.04- 40yr at 8.0% = total monthly payment of: $2,020.18- 50yr at 8.5% = total monthly payment of: $1,975.58The sum total monthly difference on 50yr vs 30yr, using a reasonable conservative assumption of 1% difference in rate is $147.46 per month.....

I’m not totally sure how all of that works yet, but I’m trying to learn as much as possible about long-distance investing so I can make the best choice when the time comes.I’m also interested in house flipping and short-term rentals down the line, but my main plan for my first deal is a cash-flowing small multifamily.

Quote from @Michael Baum: Hey @William Kwong, so you didn't say how big the place is but there are some restrictions on STRs in multifamily there.For example - Not more than two separate units in any multifamily residential dwelling, whereone other unit in the same dwelling is occupied by the owner and identified by theowner as his or her principal residence, as that term is defined herein;So it appears, if it is more than a 3 plex, you can only STR 2 of the units in total.

. :)My question is whether using 1 unit in a multifamily property as a STR would allow for the expenses for that unit, as well as a portion of the total depreciation for the property, to be applied toward the so-called "STR loophole" to offset my W2 income, assuming I meet material participation criteria for the STR. 

Even if we see things differently, I genuinely believe respectful opinions like yours add real value to the conversation.Just to clarify the situation:-Property taxes represent barely ~1% of the total debt.

@Taylor Hassel I totally get where you’re coming from.