However, we do encourage you to seek your own counsel."

So if your payment is $1,100 and you add the above numbers to that, your cost to properly maintain your asset you and your wife worked so hard to acquire, it will put you in a negative cashflow.Most investors look for at least $100-$300 cash flow after figuring all the above.I would encourage you to check out Bigger Pockets Rental Calculator and do a little more searching before you jump in to the above deal!

Again, thanks everyone for the great advice and words of encouragement...

Encourage them to apply Yes,, but work with them in this situation,, is a Yes also..Your patience and understand is all they are requesting,, not to get out of paying the bill....Good luck I'm sure you'll help them out and do the right thing ,, 

Each next purchase got bigger, or in a better location, or had more bedrooms, etc.All that not to pat myself on the back, but rather to offer you some encouragement, and share with you that what you are wanting to do CAN happen. 

I would encourage you to get licensed if you have the money to spend and the time to do it (it takes a lot of time).  

If you go a couple months with no issues and you want then to stick around, you may consider encouraging them to get into a longer term lease for the stability.  

This is not meant to be insulting but given the above question on how to fill out a PA, I would strongly encourage you to get some professional help involved while you learn.  

@Chibuzor Nnaji Thanks for the encouragement man!

I think this is huge because they are encouraged to renew their leases because of all the work they put into their suite.