Yes - you should be able to find some good DSCR Loan Options with 20% down easily - 15% down potentially available but the rates/requirements are pretty high on that front right now

First I would call the town and ask for the STR requirements.

@Sham Haile you should look up the Tenants Union & RHAWA websites to review the notices and requirements for how notices need to be provided to tenants when a seller intends to sell a property. 

I simply asked but how many qualify for a house around the median price point(this was for Raleigh, NC), he responded oh maybe 10-15% of the new applicants.

@Guillaume Vidallet no matter what state you create an LLC in, all other states will require you to register any LLC that does business in their state.So, you buy a rental in Michigan and place in an LLC, you'll have to register that LLC in Michigan. 

It can work but requires some finesse. 

A preforeclosure period of 120 days is required before a lender can enter foreclosure for lack of payment. 

Or if you want to ignore me and not have a conversation just simply run away as fast as you can from that guy.

The tenant base is generally 95% single women with 2 to 5 kids and they flat destroy houses, Not on purpose  most of the time but if you have children all below 10 years old they are just brutual on houses even in the best of situations of which single parent with multiple baby daddys is not the best of circumstances.. full stop.I was thinking since I only have about $80k to invest it was the best bang for my buck, now that you say that it sounds like I'd maybe have to bite the bullet but really not sure how I can still get the same or better cashflow for the cash I have available.Also curious on your opinion of using Home Warranties, PM, Home Insurance, and Requiring Rental Insurance to mitigate some of those future issues

If market rents are $2400 it fits most lender requirements for cash flow.