I have one floor plan in my project that is set up for this.. out of 90 homes we have built  we only sold 4 of them .  

I am acquiring a distressed property that I am planning to rent long term. 

So, often times they don't tell you they are wholesalers and act as if they plan to purchase the property themselves. 

I would consider selling if you have lived in the home the past 2 / 5 years since you have a decent amount of tax free equity in there but as long as you have a plan to reinvest those funds.By your numbers, since you have an amazing rate and high rents, I would consider renting it out if you believe your area will continue to grow in value.

Currently, I am making plans to setup to become a PML.  

Quote from @Chris Seveney: @Jay HinrichsI plan on checking them out.

Can we all agree a dollar made in Austin TX or Bryan TX or Dallas TX or San Francisco CA, or Nashville TN or any where spends the same wherever you choose to spend that dollar.  

It sounds like you got a solid plan for your first investment. 

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).

I would also focus on landlord friendly states if you are planning to rent.