Did you run a DSCR calculation to determine cashflow?

And then drive and determination and money set aside to live on while you ramp up.

You are a renter and subletting that people rebranded to make oodles of dollars on.I would also be curious to see how profitable this is, especially as the economy continues to show more signs of major cracks

Your first determination is what your tax exposure is. 

Make sure to have them sign a new lease and a pet addendum adding the animals.

If she accepts the offer, make her sign and you both get a copy."

--Searching properties:Size: 0-2 bedroomsPrice range: 300k maxI've started looking on clasificados, and trying to determine where to search.

It super easy you sign up to have a quick call and do a quick tutorial with a Rep and you receive a certificate that you give to the Banker/Loan officer.

Look for distressed properties or FSBO signs.

Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental.