Not sure about the waves though.

For the first year at say 2,100 that is additional 1,200 in rent income but you lost say 6,000 to get there which will take years and years to get back.I would think renting that first year a little below market to get a wave of applicants to chose the best one and then do everything in your power to keep them year after year would be the best strategy.

Then ride the wave of appreciation, tax shelter, and debt pay down.

And I do not like the new wave of online courses. 

This post is screaming for the "Due Diligence" example finger waving.  

**waving hello** I am a new investor from Shelby, NC, an hour west of Charlotte.

If the answer is no I'd cash out - market is still very strong here due to limited inventory and I'm sure you could make some waves in a lower cost market with $200k cash in your pocket.

I know many of you were investing during the last recession and were able to ride the wave.

I rent month to month because I like the flexibility it provides in terms of asking people to leave without having to prove that they did something wrong.....the downside of that is I end up getting houses back in November/December which always means I'm going to lose 1 1/2 to 2 months rent.not going to say finding a good tenant in a week is impossible, but in my experience I get inundated with the people who have a history of evictions and other undesirable activity during the 1st week the listing is up, followed by a wave of much better qualified prospects. 

I'm guessing a wave of off loading properties by hedge funds etc. they need to be making 8%+ to keep their hands in investors pockets.