I would be glad to refund if I had a renter sooner but they blocked me from entering the property without excessive drama.. this is besides the point.  

local banks have an appetite for these loans right now.

From an Ins Agent: An Umbrella policy should be considered excess liability meaning over and above the coverage you already have.

@Alberto Murillo A gift in excess of the annual exclusion ($14,000 in 2017) would require the filing of a "Gift Tax Return Form 709" not Form 706. 

No excessive fees and the buyer gets to choose the home they want (FSBO or MLS) that HPA will pay cash for and then the buyer leases the home from them.

They can come from many areas -  some are or have been successful at flipping property and now have excess cash while others come across excess cash from other areas and know the security of real estate versus other vehicles.

Considering the rising interest rate environment and your risk appetite this may be a debatable response.

My tenant then sent an email directly to the HOA property manager regarding the smoking and they gave her the following response: "We’ve issued a letter to the owner about the excessive smoking.

So taking into account part of that 1200 each month has to go to at least insurance and property taxes your break even time gets extended even further out.If you use a mortgage you are taking money from a bank to buy a property that the tenants will then pay off the mortgage.Another way of looking at this:Lets say all things are equal and you end up holding this property for 30 years and you never have a single expense and you pocket all the cash:A 30 mortgage at 5% with 30k down will cost you $483 per month for 360 monthsso if you pocket the excess each month you will have (1200-483)=717 per month x by 360 months gets you $258,000 for only a 30k investmentnow take that number and multiply by 4 because with 30k down you can buy 4 properties and you have $1,032,480so 120K = $1,032480Your way will pocket 1200 per month for 360 months = $432,000so 120k=$432,000 at the end of 30 yearsnow of course there are extra costs included with the above calculations and thats where owning multiple properties spreads out your risk.  

One we expect to return in excess of 100% within five years, the other 70% within three.