The only household income was his derived from driving a truck.

We have no bills except the 2 mortgages and normal household bills.I don't have a lot of available cash to put down.

It was once 45%, later it changed 40%, and now it is 30% of the household's adjusted monthly income.

Is that the typical household in the area?

If they stop paying rent, the whole household will be evicted.

Toxic mold is relatively rare, most of the black stuff you see in homes is common household mildew and is harmless.  

Upon my tenants move in I left a gift basket of basic household items (garbage bags, dishwashing detergent, can opener, etc and school supplies for the kids).

The 4 million foreclosed homes in last 5 years will cause long lasting changes, reduction in neighborhood stability, and eliminate the # 1 method folks have created wealth over the last 50 years-their home equity.Irvine increased from 40-50% renters in last 10 years25 cities now have more renters than ownersSince 206,rental households have grown 692,000 a yearSince 2006, owner-homes have dropped 201,000 a year.Then I read some more articles that talk about a DOUBLE DIGIT drop (11.6%) in RE values currently.Then I read some more articles that seem to say the dream of home ownership might not be so good any more.

Don't all household members need to be listed on the lease and members and guests need to abide by HOA.

Which is appropriate for my neighborhood, my experience working on property and my primary interest in rehabbing.Numbers are:4 bed - 2 bath with 2 car garage 1,780 sq/ftARV: $80,000Asking Price: $20,000Foundation work: $15,000Roof/Soffets: $15,000Interior Remodel: $10,000 (with me as the hammer swinger)Carrying/resale costs: $4,500With a net profit of $15,000, that's actually 40% of the median household income in my county.