I agree with the idea of letting them stay, adding the pet deposit and socking the money away because in the end, this can be a challenge to take care of the odor.On the other hand, if the contractor is not used to cats even one dirty litter box can cause a significant ammonia odor (cats consume a very high protein diet and thus produce a high urea content urine).  

I have a strict filter and have to search right at the time loans are put onto they market but I have done well and love it.

I would vet him strictly as a business parter, not a friend when it comes to investing. 

The landlord-tenant laws in Oregon are very complex and strict, and you have to do everything correctly with your notices.

Rochester, NY was the first city to pass strict lead paint inspection laws for rental residential homes in 2006.  

Problem is the area is one I don't like, bleak job growth, low class, challenging tenant pool and needs really good, strict management.

Landlords afraid to be strict are usually walked all over by tenants.   

The lender will strictly go by the appraisal, which is done with comparable sales or the cost to build a similar house.

,I'm not an expert in financing by any means so my comments are strictly from my own experience.If the house purchased is owner occupied by an investor and mortgaged by a FHA back loan the rate would be the same as if you were buying the house to live in it.

The property class I'll be focusing on is in the B range, which will allow me to see some cash flow with the opportunity for appreciation (certainly not speculating but at the same time, my focus is not to invest in homes that are strictly cash flow plays).