If you made a referral and that buyer chooses to kick you a few bucks.

Choosing the right tenant is a huge part of running a profitable business, particularly for low end rentals (I love my $30-40k SFR's!).  

While there's a smaller pool of potential tenants to choose from, there is also a very small number of available rental units.A few expenses I noticed missing from your numbers were vacancy, insurance, and capital expenditures.

@Caroline HiresPrivate lends or HML, whatever you choose to call them, provide the funds.

It is a big expense and I'd rather not choose the one that will delay putting a renter in the house.

@Sam ReddyI wish your software could help me choose the best bottle of wine to help me wash away my pain point. 999 more to go.

I started by choosing a topic I'm interested in listened to that.  

Wherever you're choosing to invest, connect with an agent and have them send you listings so you can get a feel for what is out there and what properties are selling for, both rehabbed and fixer-uppers.Do you have a job?

This leads me to believe they may not have a month to month lease but an implicit tenancy at will agreement.While I intend to give them a reasonable amount of time to move, is a 30 day notice still necessary in this situation, or can I just choose a day by which they must vacate the property?  

If I choose to turn my primary residence into a rental can I use FHA to purchase a new primary residence with only 3.5% down?