Great relocation package which included all fees/commissions associated with selling, compensation for loss of value of the NJ house, moving household goods and cars, and closing costs for the short sale house I bought in Davie, FL about 1.25 years ago. 

So the first property I'm considering is in a neighborhood that makes approximately $30k/yr income per household and I'm planning on paying $50,500 for it then I'm guessing I'll spend $10k to fix it up with new paint, carpet and maybe new bathroom sinks/cabinets.  

I saw a mention of a lot of new rental households being formed.  

SourceLandlords kept financial pressure on tenants last month, as annual rent growth far outpaced households’ other costs, according to data released Friday.The cost to rent a primary residence rose 3.5% over the year through April, while the overall consumer-price index dropped 0.2%, dragged down by plunging energy costs, the U.S.

high crime area neighborhood, but holds good income to low income  households and going through revitalization through 2020.   

House is about 600 sq ft.Numbers:Buy at 12kRent is 465/mo  (about 2 yrs to be paid off)Ins about 300ishtaxes are 686/yr1bedroom house with bath - is it usually for single people, or small households?  

Our household income is about 80k.

But must be verified by 60 day history, and must be a gift with no requirement to pay back.Reserve Requirements 3-4 Unit owner occupied properties must have 3 months PITIThree (3)- and Four (4)-Unit Property The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.Livable Conditions The property must demonstrate the following characteristics: A continuing and sufficient supply of safe and potable water under adequate pressure and of appropriate quality for household uses.

Buyers Household income was such, that I felt the reward (extra cash flow) was acceptable.Things I learned--It took MUCH longer to find my first flip than I anticipated.

But must be verified by 60 day history, and must be a gift with no requirement to pay back.Reserve Requirements 3-4 Unit owner occupied properties must have 3 months PITIThree (3)- and Four (4)-Unit Property The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.Livable Conditions The property must demonstrate the following characteristics: A continuing and sufficient supply of safe and potable water under adequate pressure and of appropriate quality for household uses.Sanitary facilities and a safe method of sewage disposal.