It’s wise to have a financial buffer for periods without tenants.

Your tenant rents from you based on a rental period (ie. a yearly lease).  

However, if it's close or below, you may struggle with cash flow, especially when the interest-only period ends and payments increase.If you’re uncertain about rental income projections or want help analyzing the numbers further, I’d be happy to assist with more detailed calculations or financing advice.Best regards,Drago

I've been buying and holding for SFH's rentals for 15+ years, but my goals now are Cash flow (70%) and Appreciation/Equity (30%) so I can invest faster/grow more in shorter periods of time.I ran this: View report on BP as a really rough test for investing in this property (3-plex, but also offers an attached 3-plex for consideration). 

Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags.

Now the buyer on my property is extending for another 3 months, and might extend even more.

@Bruce Lynn isn't there a shorter redemption period if the property wasn't homesteaded?

Period.  

I've seen a property manager put his own extended family members into a (very nice) property like this and not tell the owner.Good Luck!

Yes you are giving up a rate that you probably aren't going to see again anytime soon, but as long as you aren't locked into an extensive penalty period you can always refi again if rates plummet to the point that it makes sense to do so.