I am planning to use a property managment company to rent out the property since I have a well paid and demanding full time job and cant spare much time for any fixes, managing tenants etc.  

My plan all along had been to rent out the spare rooms while living in one, and live for free!

I mention this because I've seen posts where folks are looking at something like a $35,000 house that rents for $525, which achieves the 1% rule PLUS .5% to spare.

Please let me know if you can spare a little time. 

Using the good paying w2 job with benefits to stack cash, while using my spare time to work and build relationships in the RE areana.Thanks so much to both of you for your responses! 

I rent out the spare bedrooms.

I'll spare you all the internal details, but we basically initiate a refi on a home that you do not yet own -- disclosures and compliance paperwork and all -- and get it going. 

Even if you have flat soil underneath, you need to compact it to make sure there won’t be settlement.

In my spare time, I drive for dollars to find off-market deals.

It is only interest on 28k so the actual interest won't be that much, but you don't have any margin to spare to cover any increases.