A good rule of thumb is to ensure that the tenant’s income is at least three times the monthly rent to ensure they can comfortably afford it.The process typically starts by collecting a rental application from the tenant that includes personal details, employment information, and rental history.

Target affordable rental options for stable tenants.

I'm not that familiar with FHA 203k, but if you can a lender that offers that product, they'll be able to talk through it and see if it's possible.  

It may take some searching to find one but inspectors who are associated with companies that build them or pump them will try to sell you their products.

Could help you afford a larger/nicer property while still giving you a clean living/ownership structure.

They're usually a larger fund and can sometimes afford to pay more.

This is why both presidential candidates are talking about the need to reform housing regulations on the campaign trail.Construction Innovation: A Call to ActionIt seems that innovation in the construction technology space, and thus labor productivity, is an area for significant improvement.

Also on taxes, if you sell your equity now does that mean you are realizing some of the gain now, or is it really just a debt product by another name?

@Irene Morgovsky what you are experiencing is that rents do NOT increase linearly with property values.Or look at it another way, the pool of renters that can afford higher & higher rents, shrinks faster than a corresponding pool of buyers.You could look into making it a short-term rental to try to improve rental income, but:1) Is it allowed in that area2) STR rates are coming downYou may have to accept "negative income" or sell.

Memphis has a pretty affordable housing market and tends to offer solid rental yields, which might align well with your goals.