We own it 50/50 and have reported all income, expenses and depreciation on our tax returns 50/50 since we have owned it.

Not trying to be a downer, I just like to see people including all expenses and such when talking numbers.

And don’t under shoot expenses.

My favorite CON-tractor saying is “ if you think a professional is expensive, try using an amateur “

What do the expenses look like?

The lower the % the greater chance you have for appreciation (at the expense of a lower cashflow).

Do you track your expenses on a monthly basis?

Don't spend all your ammo (7%) on one shot, because if a costly CapEx expense comes up or something unforeseen happens, you don't want to have to start using costly credit cards for operating expenses :)Good luck!

I say wait a year or so because with children, expenses fluctuate and I would want you to wait at least a year to see how good of a management you have over the finances before taking on the landlord endeavor.

I check union city but become very expensive this year.