Rotate the ads you post daily on Craigslist.

The tenant has come to discern your strained financial situation and is seeking to take advantage of you.

What happens if that puts a strain on your relationship?

It sounds good on paper, but trust me, it is a sure way to strain a relationship and cause yourself a lot of headache.

Once I realize that I wanted to go down the cash flow path, I rotated all of my money out of stocks and bonds into cash flow (mostly real estate but other things as well) and the cash flow eventually got me out of the corporate world in 2007 and I haven't looked back.

About 2 years ago, I had an extra set of locks from one rental that rotated them out after every move-out.  

I am not in a financial strain, but I have family members who are.

I don't think it's ever a good idea to put a possible strain on a business.

If their budget is strained by buying imported goods (and for now assume oil is also priced as an imported good) they will have less money to afford on housing.

If you are going to be using credit cards to buy the deal, and then credit cards to do the major rehabs necessary - I think everyone here is seeing that you will be tapping yourself out and the next major issue (car accident, health issue, etc) could really put a strain on you financially.In the end you have to be comfortable with the risks, but take the free advice you are getting from people with experience seriously.