You're learning about the eviction process, tenant screening (never "word of mouth" again), the power of a lease WHEN not IF a neutral third party needs to be involved, tenant/landlord laws, and managing tenants who don't care about your business the way you do. 

How much larger of an organization do you want to run8.

And all properties need to be managed and supervised numerous times per year; giving residents the idea that no one is watching and/or no one cares will be a sure recipe for disaster. 

You can wind up with title issues if you are not careful. 

not in columbus ohio they don't care about the environment. we are building 7 houses at a time and there's nothing in the way all of this year. new deliveries and prices are very strong. maybe blue states but not something we have to worry about in our local market. land is a buyer's market in most areas too.

However, keep in mind it may complicate financing, add costs, and require careful management to maintain liability protection.

On a conventional, you can request the PMI be dropped in 1-2 years (if you have enough equity) for the cost of an appraisal.    

We have never collected that and it is not a significant cost.Also be very careful changing criteria mid stream, I would only change it between vacancies. 

My advice is to tread carefully.

Please be careful with your posts.