I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Kyler, call your a couple of insurance companies and get a formal quote so you can take this back to the seller.  

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Really great investment loan program if you can qualify. 

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

FHA now allows us to count rental income from an ADU (additional dwelling unit) to help borrowers qualify.

If you had good credit (670-730 range), you have 20% to make a down payment, and sufficient income to qualify for the home you want to purchase - Would you choose the FIRST-TIME HOME BUYER or CONVENTIONAL purchase option...which would you pick and WHY?

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

The borrower will need to be exceptionally qualified and have significant reserves (particularly for a jumbo or super jumbo loans of $1-2-5M++) Historically borrowers could qualify with 10-20% reserves of the amount financed, that could jump to 100%+ without significant state and federal intervention.