Tom Kroll would tell you that worrying about competition is a limiting belief and that business is unlimited.

Contrary to others belief you have a plethora of options (exit as well) to closing or finalizing your strategy with this property.I'd say your network of Friends and Professionals are good to lean on for advice.

Rich Dad is a good place to start but honestly Kyosaki is flat wrong on investing and stock market, so I cannot get behind his beliefs fully.

As for your belief that you do not have the capital to start local I will once again use some related comments and let you try to decipher their meaning and relevancy:Local provides opportunity to house hack.  

I actually, contrary to popular belief think it's better to just keep renting (maybe find a cheaper spot?)

There was no fake it until you make it, but we operated on a belief that our best chance for survival was to consider every possibility and what decision we would make as those possibilities became realities.  

When they pay the rent, they help confirm my belief that I am a pretty good judge of character and that most of the time I make good financial decisions.

Throw out the limiting beliefs.

You also pay directly insurance and taxes.Note: there is a due on sale clause with a wrap and a subject to transaction, and many times a property trust is used.Due on sale clause means that the bank has the right to call the loan due, but if the payments are paid on time, religiously, there is no real reason for the bank to call the loan due on performing, "in good standing" asset.Here's a business plan for bad credit entrepreneurs:One: understand that your bad credit is not stop you from operating a real estate business.Two: if possible get licensed sometimes bad credit prevent you from getting licensed.

It is actually irrational beliefs, because everyone knows the best time to buy stocks is after a crash.