Even with five bedrooms renting for $700 a month (you pay yourself, as well), you'll bring in $3,500 per month and the place pays for itself.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Make sure your floor is solid and even first.

That's tough to do, even in California.Even if you borrow the equity from your current property, the bank doesn't give you that money for free.

Sometimes we see large amount of equity in a primary residence that can be borrowed against, even in 2nd position if it has a great rate that you don't want to lose.  

Quote from @Cynthia Lee: Accepting even $1 could be seen as evidence of a payment plan, and the entire eviction process could be derailed.Once you start the eviction process, to not accept any payment unless it is a full payment in certified funds (cash, money order, cashiers check).

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Collections are where the game is won or lost, and without proactive management, even the prettiest property can bleed money. 

I bought an LG TV a few weeks ago, was on the LG site, asked a question on the chat, and they offered 20% off without even asking (on top of the sales price).

@Mike Grudzien @Tim Delaney do you guys think it'd be worth joining a credit union in the city I used to live just to get the rate even if I'm out of state now, will they still give a better rate?