conversation: User (dwilks1): "I have an opportunity to purchase a home and additional lot in a rural part of Arkansas. Currently the home rents for $350, but I think I could squeak $400 out of it after I made some minor improvements. It is valued at ~$40k not including the lot and the lot is valued at ~$10k. I can purchase the property for $27k.\n\nThe property is my grandmother's who has been living with my parents for the last two years. The home was paid off, but a mortgage was taken out on it to create a new living "quarters" for my grandmother in my parents' current home. It is 2bd, 1ba.\n\nCan someone walk me through the process of how to make this profitable? My hope is that I can rent it out to my wife's aunt for 5 or so years and then tear the house and shop down to build a duplex or maybe two duplexes if the space allows. \n\nI'll answer any questions and provide any additional information needed. \n\nThank you!"
  Self: "Depends on if the income your generating per month will cover the expenses."
  User (dwilks1): "I estimate expenses to be ~$200/mo and would have $2k set aside for any emergencies"
  