You have no more at risk than you do in your own home (where you probably have more equity.) or your own car (where you probably have more risk.) and we won’t talk about if you have a pool or a dog. 

That's probably too much to unpack in one thread.

Also, Bigger Pockets is a great resource, and you will probably be able to find buyers on this site.

At $1200 in rent, you will probably have negative cash flow. 

They will charge you more, but are much more active and could probably help.

I've been in every house that has sold in that neighborhood probably for 20 years. 

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Section 8: Rents are too high for the program and cash paying tenants are better overall.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsSection 8: Rents are usually too high for the program.Class C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I would probably use Clockify.  

Probably needs a new roof within 2 years so that's on top...