@Richard SnyderThe first thing is to determine whether claiming the real estate professional designation will benefit you.If your rental tax losses are below $25,000 and you make less than $100,000, you may not benefit as you would be eligible to take the same losses regardless of the designation.If you do benefit from being a real estate professional, you have to note that there are a lot of rules/record keeping required to actually get the benefit.

Conventional financing has some very specific rules/guidelines that need to be followed in order to qualify. 

There are exceptions to this rule."

I have it and it's awesomeVacancies will vary per area...a quick internet search for your particular market will help with this but as a rule of thumb you can budget 10% of your property's incomeCAP Ex and Maintenance can also vary depending on how much work you put into your rehab on the front end, but be conservative with your budget so you don't get caught with a costly expense you're not expecting.  

In any investment vehicle...real estate, bonds, dividends, this is a fundamental rule in investing.

@Kim Wendland Thanks Kim using the bigger pockets calculator and the 50% rule feature it shows it cash flowing $343 a month.

@John Underwood always has fantastic advice. 

But one thing we have is the laws and rules and if they are bad they get shut down. 

If you pursue it, just be careful to read up on the building department's rules to ensure you can figure out what you are and aren't allowed to do. 

A trust can quickly auction off a property depending on state rules.