Would her income cover rent for a new home?

@Kannon Vogt that's a whole lot to go over when I think we could cover most of it in a 30 minute phone call.

By purchasing a multi-unit property, living in one unit, and renting out the others, you can cover your mortgage payments and start building equity while gaining rental income.

And to have it cover 65% of your mortgage.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

You've left it to us to assume that you are charging under market rent which doesn't cover your costs. 1) Once you've figured out what you could be charging the public, knock a little off for a friends/family discount and present them with legal leases.

This is unlikely to be profit, this is to cover your costs on the backend at move out.Secondly, find a good pet addendum and have them sign it.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

After evaluating the numbers, we negotiated a purchase price of $45,000, ensuring enough margin to cover renovations and still secure a solid profit.