If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

That is just the loan payment and doesn't include your insurance and taxes like a typical mortgage payment does. 

Keep in mind that BRRRR strategy advocated on BP by Josh and Brandon includes leverage and pulling all your cash out of the property.

In Milwaukee the weather can get pretty cold and we want to protect the tenant, but also the pipes in the property from freezing.For that reason we do have a stockpile of emergency equipment which includes electric space heaters.

Purchased for $69,000, it needed a full rehab, including a new roof, plumbing, and modern updates inside and out.

That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.

Their debts would include not just car payments, student loans, and credit card payments but also things like child support paid.

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow. 

I have properties all around popular spots, including smoky mountain.

If the place is in decent shape I would offer to credit it toward the next month's rent and write addendum including no future pets.