I hesitate to use the term "slum lord" but the conditions some of these residents are living with are not healthy. 

They can be quite profitable but like any farming depend on weather factors, and market demand.

The falling population is likely attributable in part to bleak economic conditions.

@Ray Thorsen if you file a lien you can refinance up to 75% on a 2-4 unit property under the conditions described in this post. 

Add all adults to the lease and make them 100% liable for all terms and conditions, regardless of who is paying.You can create a new lease, but adding tenants can be as simple as having them sign the existing one or typing up a short addendum.

If it is due to a condition of the property (multiple losses, unrepaired damage, etc.) it will be more difficult to get a regular company to write it. 

The interest rate debate is often framed on timelines when in reality it is more conditions-based.

I don't anticipate needing any capital repairs in the 3 months between purchase and January as the units are in good condition and rentable now.It is also a possibility to do a HML rehab loan as the house does need about 15 windows (houses in this area are all old victorians built in 1800's), this would only require 10% down.

I am now going to have to put approximately 7k in it to bring it back to rent or sell condition.

I guess it also depends on the overall condition of the pool.