(Be sure to factor in vacancy, PM fees, maintenance, etc in addition to PITI)•Do you have additional reserves to cover unexpected expenses like long than expected vacancies, high turnover costs, or major repairs (e.g., HVAC or roof replacements)?

My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant. 

With an FHA loan, you can finance a 2-4 unit property, live in one unit, and rent out the others to cover your mortgage.

If something pops up in the first two weeks, then I will cover it just in case we made a mistake and as an offer of good will.The stray cats are not your fault or responsibility.

@Paul Bogard Any real estate agent who promotes themselves as an agent who is a specialist on renting out bedrooms should be moved to the bottom of the list of people to take real estate advice from..... 

Guests normally don't like to be asked to cover damages that they caused and sometimes give a lower rating because we ask them to cover it even though they have COI that insures my listing.So I'm exploring the event guest screening option that they could put down the security deposit as well. 1.

I would think a Waste clause would cover the  P  I  G tenants fine.

I'd direct you to this posting, which seems to cover the same type of question: Having a real estate agent VS being your own real estate agent?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

The income (rent minus management) should cover the costs (principle, interest, taxes, and insurance) depending on the property's price point.