One of those situations is when the tenant is over age 62 or disabled and has lived in the unit for more than 10 years.

What is the average age of the other homes?

@Dana Yobst due to the age of the building it's going to be tough to find an Insurance Carrier that will do replacement cost unless the property was gutted and everything has been updated.  

He is my age and just closed on his first rental property.

Since your in New Mexico, what's the architectural style and approximate age of the house?

We first reached out to originators for Freddie and Fannie and were told that the deal looked great and we should be able to get the following terms:-Non recourse loan, 80% ltv-30 year amortization-10 year fixed rate-4.25-4.5% interest rate-Interest only payments for the first two yearsFreddie has since come back and passed on the deal due to our market being too small and the age of the property (1984).

I cant predict the future, but I can always try to make the future something.You could just compromise and just dabble in a property or two each year starting at age 21, and do it as a more full-time thing when youre 28 or something.

We inherited a tenant who is month to month, but actually has 4 people in their unit as well (Mom and 3 Junior High/High School age kids).  

Age and condition?

@Austin Youmans Market 1So one of the RE markets is my hometown which I haven't been to in ages.