Can you raise rents, reduce expenses, or change its use (e.g., short-term rental, mid-term rental)?

I suspect that number might be raised.

I am aa TX gal, born and raised!

It's kind of disconcerting when I can only raise rents by 5% but insurance is increasing by 10% to 15% per year. 

A couple quick points to some of the questions you raised.- Don't pay cash, leverage.

We took a break raising our kids and then I got much more into REI starting in 2015.

My payment after was 3461 rents 6350(with new tenants coming in I raised rents in apts 2 and 3 to 1800/1850 respectively.  

Or like many small in businesses you raise cash from friends family and anyone else that knows loves and trusts you.The other thing I suggest is to make that $27,000 or $37000, or $50000 yourself over the next year. 

Im a yinzer born and raised.

True re the prior poster, re this helping the seller save their credit, if you buy sub-to you will dramatically raise their FICO since the mortgage will show on-time payments.