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If they do not pay or do not pay on time and the bill is in your name, your credit score will drop fast! 

I later heard but never exactly why, that the place was an absolute money pit and the buyer, who was very experienced, regretted buying it big time.It is interesting, but I ALWAYS do at least a bit of research on the prior owners and have found few "hard luck" stories, at least as far as either higher or high priced single fams go, they're by far the same story where the owner makes the financial decision to walk away, mainly due to the insane HELOC's etc they were giving out, like 125% of home's current value back in like 2006, so now they'll owe literally like $750k on a home that IF in great shape would at best fetch $500k, PLUS they trashed or semi-trashed the place, so they'd be really lucky to get $400k as is and often they may be business owners or whatever and have a relationship with a local bank who will then know "the whole story" behind the big hit they take to their credit score and not treat it nearly as harshly as the average Joe, who's practically banned from even entering the bank for years!

FHA loans will allow lower credit scores, however the minimum down payment would increase from 3.5%. 

I have a good credit score 8000 about 40K saved no debt but prices in New York are way too high any advise or anyone in NYC that has invested here.

Shippley - I think this is incredibly smart, this is exactly what I did to expand my real estate portfolio. 

The article does say " Alternative Assessment Methods: Consider looking at a potential tenant’s credit score, rental history, and references.

By dealing directly with sellers, you avoid overpaying, ensure fair pricing, and maximize profits on every deal.All of these incredible features are now included in your BiggerPockets Pro membership.

The community has been incredibly supportive, and we are excited to continue learning and growing.I recently joined BP, and I am hopeful this will be the beginning of something great.

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.