While an extra $200 a month above your current rent+car payments is certainly achievable for a financially-disciplined person, your actual monthly expenses may be far greater than $2,155.When calculating your monthly housing expense, you also need to account for some of the following items that, as a renter, you do not budget-for, in addition to the $2,155 "base" loan payment:HOA (these can sometimes be several 100's per month, especially in condos)Homeowners' Insurance (this will be several 100's per year)Utilities (some may be covered by your condo HOA)Property Tax (if you don't save for this, you'll be scrambling for cash when the bill arrives)Mortgage Insurance (might be required depending on the size of your down payment) The above factors may be why your bank/lender is only qualifying you for a $1500 per month loan; though you can afford $2200 per month in aggregate, the bank does not want the HOA or County of LA to lien the property due to delinquent HOA payments or Property Tax payments, both of which are senior to the Bank's Paper.

Take the total potential rent and subtract these expenses to arrive at your net operating income (NOI).

So, yesterday we sent for a secured credit card[ you borrow your own money] As soon as his back pay arrives we are going to get him a passbook savings loan [meaning once again he will be borrowing his own money.He has siblings and some of my grandkids who lay floors,paint houses, and do electrical work who would help us refurbish the house.

Or do I send a lease in the mail, get it signed, and then expect fees when they arrive and if fees aren't received on move in date the contract is void?

Most folks are going to arrive there with a purpose.Do you want to keep your businesses separate?

Put yourself out there, show your face, arrive at meetups, talk to everyone.I started a few months ago and have built some solid connections with people in my area who are investors and doing it on big scales.

Unfortunately about the time we hit the market, swarming season arrived, and so did the dry wood termites.  

Over the past few years population here has been rising here, and the market is only getting hotter.

Most of our sec 8 rents arrive via direct deposit.

Depending on the thrust of this goal, you will arrive at the most probable strategy within REI.