Then when you're done with the rehab, if you don't want to sell, we can refinance you into either a conventional product or commercial product that's more stable.  

Fairly stable rents and property values in a recession AND appreciation if the economy keeps going strong.

I have a few properties here in Texas, which are free and clear, with stable tenants.  

One thing that I know for sure, is that the real estate market in the central Ky area is very stable.  

@Russell Brazil  definitely regionalized... in my two markets were I build new construction Charleston SC and Portland Oregon.. long gone is the no money down buyer.. they still happen I just sold one in Charleston on a VA loan but its a 350k house. and we get the occasional FHA but on the subdivision I just built in Portland in 2016  27 new homes priced from 330 to 400k... ( entry level )  to first time move up.My wife is my broker ( always recommend anyone getting in the business to have their own license) I had her run a report on financing and what was used.4 sold for cash1 VA3  FHA minimum down19 sold conventinal with 10% or more down.IN charleston other than the one VA loan same thing some cash a few FHA majority conventionalso to speak to your points we have a much stronger buying segment than pre 08.. and I am sorry for those that have crappy credit and can't buy right now.. but they simply need to clean up their act. this attitude that every american deserves to own a home is flawed thinking.. every american who can manage thier personal credit and keep good an stable jobs.. deserves a home if they so choose.. 

The market here is good and stable.

Jonathan Smith What did you think of the off the shelf lease vs. the one you had completed by an attorney?

With any ARM, you're betting rates won't increase, yes cash flow can be better, so long as rates remain stable, but if not, you can be underwater.

However according to the US Census Bureau in the City of Mishawaka, the owner to tenant ratio is approximately 50/50 here http://www.census.gov/quickfacts/table/PST045215/1...To also break down the numbers in one line, from the Census Bureau link, the City of Mishawaka has a population of 48,261, a total of 24,088 housing units (as of the year 2010) of which roughly 12,044 are rentals with a median gross rent of $714.00.So in summary, in my opinion, this is a strong rental area with stable economic fundamentals to sustain the tenant pool.

In many areas single family homes while they may not be as "trendy" as the new construction community type living over time however they should remain relatively stable.