Also do you have a private lender like family who can bail you out in worst scenario?

Worst case scenario check in with @Joseph Chiofalo he just helped a client with niche investor that has no ratio requirement and the unit can be vacant.

We all learn from our mistakes. 

We'd never let one of our clients make a mistake purchase like this:)

I would assume the tenant will have to be evicted(worst case) and factor that into my initial offer. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

That is the biggest mistake I see with many investors. 

That was and still is a huge mistake.

The worst part of renting to my Parakeet tenant is that her cars are spotless, her house is spotless, every time I go over my car needs to be washed and all I can think is they must look at it and think "geez, there goes the neighborhood" lolOne of my best tips, I learned from a friend who owns 50 plus rentals- always collect the rent in person.

That's what everyone else does, that's why home prices are called downward sticky.Even if you would have bought a house in 2007, which was by far the worst year to buy a house in US history and we are not going to see this in our life time again, by 2015 you would have been whole again.