You would net $37,417/year but also have $11,000 in principle reduction on your loan.

Also remember that a good home inspector during the due-diligence phase is worth his weight in gold.

Borrowers, short sale folks and every other REI person would jump on bandwagons looking for principal reduction based on sale price or short sale amounts based on sale price, etc.

That information would be worth its weight in gold :-)@Dawn Anastasi I have the same investment strategy as you!

Running it all through your own bank account or as a natural person is fine, but then how you treat your business expenses as a reduction of your income will matter.

The return on the rental property, based on the dollar amount invested, is at least equivalent to the reduction in student loan monthly payments had I used that money to pay off debt.I think I could do that again, but I am just tired of having the debt sitting over my head.

And yes amenities are considered as well, not pools or spas or weight rooms, LOL, fridge, stove, A/C and type of heat....And your qualification % are HUD guidleines @ 30% and 10@ with usual circumstances, like additional handicap accessible amenities required.

Even if it was not completely rent free it would a dramatic reduction compared to what i am currently paying in rent, $1300.

They are worth their weight in gold

When they are out of the program you have some dead weight on your hands.