Then,  you glaze it in just like you were replacing glass.  

You should also set aside 10% of your net income as a capital reserve to fund all of the renewal/replacement of the property itself (roof, HVAC, floors, kitchen, bath) which will occur every 5-20 years and replacement of appliances (fridge, stove, washer/dryer, etc).That's a $120K investment.

In your analysis and setting of metrics, do not forget to make sufficent allocations of net income to capital reserves for future capital expenditures (roof, HAVAC, sewer line replacement, etc).Welcome aboard and best of success to you.

He's on the fence if he will sell (more about that below)...The roof is older and needs immediate replace of some shingles and eventually complete replacement, driveway needs repair/replaced, trim needs carpentry repair and painting, Estimated Exterior roughly $25,000.  

I'm finally ready to settle down (at least for a few years) and want to start building a portfolio of rental properties (SFR and multi-family) over the next decade in order to replace my earned income. 

How easy would it be to replace this tenant with another tenant at the same or higher rate?

I didn't see a line item for capital expenditures - setting money aside each month for things like roof replacements, new furnaces, major renovations, etc...  

This far I have done 1 flip and hold many rentals.Scope of work for a single family in PA2nd Floor Bathroom New tub and flooring and possibly drain and faucet replacement New vanity and fixtures Bedrooms and hall way Windows?

Have had to replace one dishwasher and a couple of w/d's over the years.

I am currently a social worker and a musician (make somewhere between $50-70k), so ultimately it wouldn't take THAT much money to replace that income, but I have no expectation that this process will take place overnight.