I’d also like to point out this using jhutson’s numbers:
Debt Serv: $6,447 (assuming 75LTV, 6%, 20yr)
Cash Flow: $6,033
Monthly Cash Flow: $503
I guess the question is really, is it going to be worth it to you to go through all of that for $500 a month and are there certain fixed expenses or risks that can completely wipe it away. For starters, a plane ticket/hotel can put you in the red so you better live close. Number two, over $1,000 of your monthly income is coming from one person.
Even though this represents a 24% CoC, it might not be worth it what-so-ever depending on your individual circumstances. Also keep in mind that your future buyer will have the same thoughts as I’ve expressed so it will be tough to sell down the road.