How nice is the property?

Some will slip through your fingers, sellers will ghost you, and contracts will fall apart at the last minute.

You understand some of the basic concepts, but also have some giant holes in your plan.

➡️Find the right investment opportunities.

the ONLY true way to reserve for sub to melt down is to have the money in the bank to pay off the offending mortgage full stop any thought of trying to refi etc is just wishful thinking sellers credit will get hammered while you go through the process.

UW is only as good as the numbers that are entered into the data cells. 

For non payment of rent, follow your lease and retain an eviction attorney. 

Once you have a PM put it on market for rent your friend is more then welcome to go through the process with them.

Here's a post I made on "non-conforming" vs "illegal/unpermitted", understand they are NOT the same thing.

The patterns that I often see are the following  1.