Don't wrongfully evict, avoid violating any fair housing laws, don't be a slumlord, screen tenants well, avoid security deposit disputes, be professional with your tenants and take care of your properties.

And if he is willing, great—well... still be careful :)

Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

Mississippi doesn't much care about such matters but lenders do.

In my experience when buying older houses, there are always something needed to be rent ready.If your ARV can support it, I would look into BRRRRing it and take care of the CapEx items during the process.

If only someone had written a book to help people like you.I prefer you spend some time educating yourself before jumping in, but that depends on how bad the PM is and how quickly you can educate yourself and take control.If you choose to terminate, read your PM Agreement carefully to see if there are any termination penalties.

They care more about the asset value than your own credit history.

**Long-Term Strategy**: These loans are often seen as a long-term financing solution, allowing investors to hold properties and build equity over time.In summary, DSCR loans can be a powerful tool for real estate investors, but they require careful consideration of the property's income potential and market conditions.

Personally, I'd be nervous to not get some type of deposit from my guest because I like for them to have "skin in the game" 

Prior Theories: It could be turned commercial (no)A residence could be built there (no)They bought it to sell to me at a profit because I am the only one who cares about this.