Long term tenants of an unwanted property tend to carry with them problems for the new owners to solve.Best of luck!

How many negative cash flow properties can I afford to carry on my working income ?

In my area that can actually carry a premium if it's in good condition.

Even then rare...Having 100% extremely late sounds fishy.Bad news: you may have to serve some notices and carry the mortgage (all or part) in the transition.... and you may need new or more effective management.....Good news: you can refresh these tenants (i.e., not renew as lease ends or evict for non-payment); screen the new ones and emphasize timely payment; also you get a good lesson: give one tenant an inch and they'll all take a mile!

However, when you are carrying 350K of student loan debt you better believe it impacts your ability to get financing even with a good job. 

Soft costs will vary based on impact fees, professional fees, RE taxes, carry costs and mistakes covered in your contingency.

If you can't qualify for conforming money,that's one thing, but if you're just worried about the carrying costs for an extra couple of months, my suggestion would be just wait and eat the short term costs.  

@Carrie Hiner, @Lisa Bujulian, @Dan Burstain...

I told her that I didn't like the margin with the ARV at around 105kSo she informed me today that the seller is willing to carry the note for 71k with 20k down.

This trailer is a single axle and will carry 2 tons .