There were several mistakes made on my tax returns that I pointed out, which required going back and forth with their tax preparers.

Quote from @Jean Carlo Tavarez: Hello there I'm Jean Carlo Dominican in California.

@Cory Prior There are ways of doing low-money down strategies.  

Be mindful that there are rules that the lenders want you to check off.Furthermore, there are other rules on the tax side where you want to normally be under to get the most tax benefits.The magic number in both instances is '14 days'Lenders want you to stay atleast 14 days to meet the secondary home requirement.The tax accountant normally wants you to stay less than 14 days or 10% of the days it was used as a rental to treat it as a rental and not as a personal residence.Best of luck!

It would be hard to cash flow anything there. 

There ain't no such thing as a free lunch. 

There are some nice pockets in both Chandler and Gilbert that do well as short term rentals.

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

If they can do it and be a resource for you, there is no reason you can't. 

There is actually real risk here.