I'm not an SME on immigration law, but I know that you can get burned pretty badly if you run afoul of OFAC and AML stuff. 

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

@Ming HuangRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Once you narrow it down, start with small jobs to test their reliability and quality before giving them bigger projects.Building a solid network takes time, but having dependable people on call is a lifesaver for your rentals.

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

Property ClassProperties are categorized by class, impacting their quality, condition, and investment profile:Class A: High-end, newly built, prime locations, attractive to institutional investors.Class B: Good quality, older than Class A, with minor deferred maintenance.Class C: Older properties with dated amenities, but value-add opportunities exist.Class D: Distressed properties in less desirable locations with high risks but potential for significant improvement.4.

DOM can be minimized by a number of different factors including the quality of marketing, rent price, availability to show. 

Others have little/no experience and will give you bad advice that takes you down the wrong path.I recommend you focus on educating yourself while saving more money. 

There are some HOA's that are in such bad shape they wont allow any type of loans and it must be a cash purchase.

Buy quality assets with NON section 8 tenants that have 700 fico scores thats safe bet in the US>  And what I do ..