The rule of thumb is, if you can't handle the potential call from the lender, don't do the deal. 

I have multiple applicants that have applied. 2 look promising but both want to wait a month to  move in.

Fortunately the rules have been "modernized," which is kind of a rich NLP technique if you ask me. 

@Jay Fayz for SFR (1-4 family) Classifications are mostly opinion-based.Not aware of anyone tracking eviction rates, except Evictions Lab nonprofit that doesn't like landlords.Here's some info that might helpt:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

It is tough to find properties with 1.5% rule. 

I ended up evicting him because he continued to violate the no-pet rule.  

The only flaw I had was I purchased the property out right, where I should of applied for a mortage.

Also hoping investors were cognizant of my rule of never investing more than 10% of your investable assets in any one deal, nor more than 20% with any one “sponsor”.  

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

Quote from @Jake Bute: Good Afternoon,I listened to Wheelwright's podcast the other day discussing how short term rentals do not have the same rules as long-term rentals when it comes to some of the tax laws around active/passive investing.