You will owe monthly payments until you fix the property up, rent it out, and refinance to a more traditional 30 year fixed rate product. 

Your income needs to be 100x it and you need to invest 10% of your net(so less than $5mil) annually in structured product type investing incl RE, let it season for 3-5 years, re-invest the first bit of profits and by year 8-10 you should be comfortable.$500k annual income is alot for your average folk, but it's not "retire me" income at all.

I just can't evict, only a Sheriff can physically evict.

Those fees add to the price of the property and many companies choose to cut other areas like renovations rather than increase the value of their product.  

So if there is any kind of physical harm to the tenant say due to slipping on the stairs etc. the tenants renter insurance will cover the medical cost.

Before you build a pipeline you have to get your experience in sales conversion and knowing how to find the right product for any client you may encounter. 

Everytime i engage in a product its more unexpected money being required and I just do not like that.Good information.

Not to say that you'd pick crappy materials, but contractors with experience have manufacturers and suppliers that they know guarantee their products and that helps them know they can stand behind their work. 

You should have updated the address in the lender portal to your physical address so you receive statements and late pay warnings.Only way this scenario happens is if you do none of these. 

It is not like your product line gets banned by the government or your company is bankrupted.