Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

Property taxes, income taxes, sales taxes, declining population, unfavorable rental laws, winter weather.

Would it be smart to tack on another 203k in the future assuming my income covers payments?

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

For example, I see newer investors attempting wholesaling or bird-dogging for other investors to generate additional income to invest.

A popular Excel template is Vertex42 as it automatically includes spaces for property details, rental incomes, expenses, and a summarizing sheet.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Id like to enjoy another stream of income to eventually phase out my day job, so that I can focus on acquiring commercial properties as well as a business or 3.  

We are still seeing a majority of properties be cashflow positive from Day 1. 2) There is no state income tax in Tennessee!!

But with that one lender I found I am not lendable due to not having proof of income for the last two years.