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.

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

@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. 

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

@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. 

•Work with portfolio lenders who only require a 20% down payment (you’ll leverage credit for this).

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

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

Although Philadelphia is only requiring you to get General Liabilty, I think you have a bigger exposure to Professional Liability (E&O) insurance.