It shouldn't just be seen as a single account/investment and then ditch it without first examining how it plays into your total financial picture.

If you examine the potential fines and penalties and weigh that against the cost of getting legal and compliant and doing so still doesn't make sense with any solution (there are at least 3 for different sized operations), then getting out may be the best option.

They weed out the bad guys, then they e-mail stats to me and get final confirmation from me on the tenant they want before the lease is signed.

If payments are slow or in default the examination can go deeper.Then if it's discovered that you misrepresented things, you could have problems.It's irrelevant if you know of someone who lied on a mortgage/loan application or if you know someone who says they know someone who did, or the amount you put down, or good intentions, knowingly presenting false information or obtaining a loan by deceiving an insured lender is a felony.I suggest you seek other financing options, with your down payment there should be seller financing options available, partner with another, if you have a retirement account you might be able to change accounts and borrow from yourself, seek private investors, do an installment deal like an option to be financed in the future in 3 or 5 years later.

I will be in town then, If you guys want to meet up, or we can do a video chat with my partner.Some areas are better to rent out than others, but these are just from stats we've seen.

Please give me some insight as I have not thoroughly examined the new law as yet.

No bad hoods - crime stats/school stats2.

Look at schools, housing stats for that town, upcoming competition, vacancy rates of existing competition, nearby jobs, retail, schools, ect.

Thanks for your reply Jon. can you give me some stats that you like to go by.

I will be doing a thorough exam in the morning.