I now also am willing to spend more on a room.Lastly, remember as a general rule in macro/micro economics is during a recession the younger generation wealth dries up quick and the older knows how to make it stretch and they have larger wealth to spend. 

What banks do you guys like for this method?

If there isn’t an appraisal report for your property, utilize one of the other methods discussed below.Comparable SalesIf an appraisal report is not available or feasible to obtain, you can analyze comparable sales on land that is raw and undeveloped in your location.

Seems to be a solid method of investing (assuming it is done correctly, that is).

Zillow and google maps and other Internet methods aren't enough these days.https://www.biggerpockets.com/forums/48/topics/1159104-overl...

Quote from @Patrick Braswell: It's the best method of building wealth, bar none.

The OA is silent on the method of ownership. 

List of things to fix:Clean house, Carpet replacement, Floor patch up, Interior Painting, Bathtub recaulk, water heater replacement, leak check, small dry wall cut and restore, Roof fascia repairThank you.

Being that section 8 tenants average time in a property is 7-8 years, they are under the housing authority, they also wouldn’t want to lose their voucher, especially if they waited years to get in and much more.Am I safe investing with this method in a tenant friendly state?

For calculating this, there is a bunch of methods, first months rent is easiest to understand and execute, but might not represent how much work you put into the deal especially if the tenant is very picky or gets denied.