Even with the mortgage paid off, some of the $2000 in rent will go to maintenance, repairs and property taxes.

I was thinking - go ahead and sue, when discovery comes into play and they have to testify under oath (for example were they raising money properly and how were they managing money) - many will not want to answer that question while on the stand. 

FHA loans are a great way to get started with a small down payment, but make sure you have some reserves for things like repairs and vacancies.

We find that having the tenant pay for all utilities and taking the small hit on rent we are far ahead over supplying utilities to the tenant. 

Not sure if you own or rent your primary home, but not all DSCR lenders will lend to first time homebuyers and/or first time investors...just a heads up.

Be sure to factor in repair costs to keep things profitable.

At full occupancy, the cash flow I just keep in reserves for repairs or help pay the principal. 

They obviously cannot control some costs, but they do have input on things like maintenance and repairs and some other things.

I use $2500 to pay expenses and save what's left in a fund for repairs etc...So I can count on approx 5K/month in gross income. 

A CPA can ensure proper filing of rental income on Schedule E and help identify tax-saving strategies, such as optimizing deductions for maintenance, repairs, and travel.