They have no credit history, so you have no idea how responsible they are financially.

If I were in your position, I would look for a bank or credit union that will give you a line of credit against the rental property.

When you own a couple of units, the odds of there being unexpected vacancies that overlap each other are usually low, but when you acquire more and more real estate, the odds of tenants moving out around similar times increases. 

@Collin Hays My favorite that came in at 6am one morning when the nights low temperature was 58 degrees and the high temperature was to be around 75 was the following.

Quote from @Bonnie Low: It doesn't have to be condos or apartments necessarily. 

I looked around and found lenders that will do a day out of foreclosure up to 50%LTV down to a 500 credit score but the loan amount minimum must be 300k.

My clients who invest in Section 8 housing do so in 'not quite' transitioned communities but that have low crime rates.

I was working with a local credit union who pulled out at the last minute.

Yes, there's a shortage of low-cost housing in West Palm Beach and Malibu and Portland Oregon and Asheville NC and other places people want to live.

Some will be ok in 2nd position and some will not and force you to refinance out the first - but those are options that are probably cheaper than credit cards