Most W-2 earners overthink their first rental property. They spend months on YouTube, reading forums, running hypothetical numbers — but never pull the trigger.

Here's the exact checklist I use to evaluate a deal in under 30 minutes:

Cash Flow Check — After mortgage, taxes, insurance, and maintenance reserves, does the property net at least $200/month? If not, move on.

The 1% Rule (Gut Check) — Monthly rent should be ~1% of purchase price. A $200K property should rent for ~$2,000. It's not gospel, but it kills bad deals fast.

Vacancy Buffer — Assume 8-10% vacancy. If the deal only works at 100% occupancy, it doesn't work.

Exit Strategy — Can you break even if you sell in 3 years? If the only way you make money is holding for 15 years, the margins are too thin.

Financing Leverage — FHA for your first, conventional for 2-4, then creative financing (DSCR, seller finance, subject-to). Know your lane before you shop.

This is the framework. The details, deal breakdowns, and live community are inside REI Mastery.