I know we won't come close to covering our living expenses of around $130k per year initially but I need to make a change.

Mortgages tend to be $100k-$1m+ once you factor in the initial loan plus interest and also they are much longer commitments.

Even if you got your initial $2,100 rental price, I think you would still be LOSING money because you still need to budget for maintenance, capital expenses, vacancy, and also pay a PM.

However, the amount differs depending on the property type and lender.A minimum debt-to-income ratio of 45%: Real estate investors typically cannot allow their monthly debt to exceed 45% of their gross monthly income.In addition to the initial cost of the down payment, remember that it can affect your ongoing costs.

If so, what were your initial investment, return, and overall thoughts on the experience?

Others may see that differently.There is no additional paperwork except the initial rental contract.  

This is a case study of what to avoid if you decide to go down this road.Bringing this back to my initial comments, has this particular seller articulated his/her motivation?

In the same way, so many churches want to guilt you into giving directly to their institution (mostly because they have initiatives they feel are important). 

We’ve made a lot of updates since initial purchase.

And to this day I can’t figure out where my initial analysis went wrong!