But if you are using a residential mortgage (Fannie/Freddie if you recognize those names) then the DTI term is what is used. 

By Day 40, had anyone called the tenant's place of work supposedly inquiring about collecting on the tenant's outsized gambling debts?

.- Hold for 10 years and No gain recognized and no tax when electing Basis = FMV based.Let look at an example and do some basic math.Meet Bob-Bob sold Real Property on September 15, 2018.

DSTs were formally recognized for 1031 treatment in Rev proc 2004-86. 

Address: 8177 Garfield Ave Hunington Beach, CA 92646IF i were to buy this for 2,300,000Cap rate: 4.56Bed/ Bath: 1/1 x 8 UnitsRent: 2000 x 8 Expenses: Property Management Fees - 1000Repairs/ Maintenance - 319.14Real Estate Taxes - 2875Rental Property Insurance - 766.67Vacancy Costs - 1333.33Capital Expenditures - 960 Total monthly expenses: 7254.44Financing: Down Payment: 20% - 460000Loan Amount: 1,840000 @ 5% interest rateClosing costs: 69,000PI/Mortgage: 9877.52Cash invested: 529000Total Monthly Cashflow: -1311 = 16,000-7254-9877.52ROI: -2.57%The point of this excersise is for me to recognize bad deals.

@Evan Tan, I do believe gambling winnings are taxable and paying income tax on it would give you documentable income which you need to get financing. https://www.irs.gov/taxtopics/tc419

3) Any halfway decent contractor is going to recognize that you are an investor and realize that you are leveraged to your throat in debt.

Gamble and play the odds in Vegas, but not in business.

We got lucky (ugly house in the perfect neighborhood) and took a big gamble on a courthouse steps auction. 

Recognizing I'd need to make a few strategic moves to get there.