Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total.

It costs money to own and operate real estate which is why you need a primary source of income. 

Better play it safe and use a warranty deed instead.Also, later on when you sell your property, it will keep the chain of title cleaner for the next title insurance.Last but not least, a warranty deed does not cost more than a quit claim deed...

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

I went to sign up this morning, and it costs an additional $100. 

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

However, our tenant turned out to be problematic—late payments, issues that led to an eviction, and additional repair costs before we could relist the property for sale.Now, after months of making mortgage payments out of pocket, we finally have an offer.

While under contract, we perform due diligence and there will be some soft costs incurred. 

If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one.