Here’s some feedback based on your situation:House hacking is a fantastic way to reduce housing costs while building equity.

As for the company I am assuming they purely started wholesaling, but now they do go through and purchase some properties to flip.

If what you say is true, I know my base fee would be roughly half or a third of that for your situation if that helps to give you perspective.To speak to the other posts in reply to mine, I appreciate the clarification.

Typically Conventional will end 42% of DTI and FHA can get up to 51% DTI (and based on your credit score I think you should stretch to that 51%) Just a few things to start thinking about as you are working through the process. 

When I run the numbers based on these rents, the property operates at a negative cash flow.If I increase the studio's rent to $1,400 per month, the property becomes cash-flow positive.

They determine this based on a % of Fair Market Rent (FMR).

@Michael Darten  Most property management agreements have the monthly PM fees based upon a percentage of rents collected.  

My partner is based out of Dallas and a lot of our clients are from the surrounding areas.

A quick google search of your state indicates the following regaridng timeline to give notice:30 daysFor tenants who have lived in the property for less than one year, or have a lease for less than one year60 daysFor tenants who have lived in the property for more than one year but less than two years, or have a lease for more than one year but less than two years90 daysFor tenants who have lived in the property for more than two years, or have a lease for at least two yearsI'd definitely touch base with an eviction attorney in your state to ensure you are not missing any steps and to have the attorney as a backup option in case the tenant does not vacate easily.

Hi Chris, there are several options you could consider, but it would all be based on your risk tolerance.