. -- Thus, you can expect to get Class C or D tenants, which have a 15-25% probability of defaulting on their lease payments.2) If your PMC is lowering FICO to 550, what are they doing to improve their screening in other areas?

though; (1) there are tenants in the house on a two year lease (payments are enough to cover mortgage payments), and (2) the Seller wants the option to buy back the property in two years.

You have to be ready to make 3-6 months of payments on the mortgage yourself after they stop while you try to foreclose/evict them.

Good luck with getting this tenant to accept higher rent, because you've trained your tenant to think they have a "mortgage payment" that never goes up!

. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

I still remember the first loan payment coming due and wondering where that money was going to come from!

Will all of your vendors take a credit card as payment?

And use the other $50K as a down payment on a $250K property. 

House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment.