Although I agree with @Nathan Gesner in part, I think he is off base in categorizing a relationship based approach to landlording as "amateur".

We gave him 56k in deposits and he will not even pick up his phone or engage in a conversation.

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

The home was built in 2006, great neighborhood, close to the highways, close to everything new that is being built, close to a military base.

Again, this is only based on info you provided so there could be a lot more to the story for the good or bad but I can only comment on what was provided. not sure many are thinking rates are going to drop much in the next year.. seems like one would want to know how much they need to drop to see if the plan will work before putting good money after bad.

However, weighing your options and performing due diligence carefully based on your specific circumstances, the property's potential, and your long-term goals.

I searched for homes based on the mortgage I could afford.

I would still set aside money for renovations that are need based if you do that and use the rest to invest.

Do you provide move in and move out reports How many pictures do you take of the property prior to tenant moves in and after the tenant moves outDo you get weekly reports when the property is vacant what prospective tenants are saying about your homeDo you provide monthly newsletters to your tenantsDo you hold investor education classes to help me become a better investorDo you have single point portfolio based management services?

There are a few programs that can do second position financing but typically underwritten based on your personal income.