What will happen if she is late with rent or loses her job and can't pay rent for a few months?

This is my first and last GC job and I'm stuck on one thing.

There are plenty of jobs and opportunities if you know where to invest and where not to. 1.5 rent to market value ratio is pretty attainable and closer to 1:1 in nicer areas.

I lost my job in July.

The only item I would suggest is double check the payment terms of the your HELOC... in particular, can you pay interest only or are you required to pay a portion of principle each month on the amount utilized.

I’m not familiar with those markets, but I would suggest finding some meetups and attending as many as you can.

I have a suggest or 2 on sources if you want to PM me. 

The seller and their agent hopefully did a good job communicating with that tenant to set expectations.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

While I don't know the nuances of the market, I do have a client that's a real estate investor and agent in Phoenix that could probably give you some suggestions.