I can cover the negative cash flow for the remaining mortgage term and may look at paying it off early.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

My other option is to find a renter for 6 months to help cover the payments over the winter.

But it also comes with more risk in terms of evictions and damages - which you can never collect for.But STRs don't have any issues with evictions and damages are typically covered by the STR insurance or sometimes the Property Management company has its own insurance too.The other thing is that, on average, STRs tend to generate more income than LTRs. 

To start your journey, I always suggest looking into a property that you can rent out to cover your mortgage payments and start cash-flowing.

So he asked for my permission to allow the tenant to sign a lease and move in effective Jul 15th and they will cover the rent owed to me until the housing inspection is done and rent is coming from them.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I’ve started at looking at different lenders this week and noticed that some offer grants that cover some cost to close.

The idea was to find a property, 4-plex, that would allow me to break even, cover the mortgage, and hold onto it as a long-term investment.However, analyzing the data and really coming to terms with Colorado's market, I’m rethinking my approach.