Hey @Rene HosmanAs a NYC broker, I can tell you that zoning knowledge is absolutely crucial for spotting opportunities, especially in urban markets. 

At a bare minimum, I would require a written lease agreement and a standard security deposit equal to an entire month of rent.

If so, you will learn about additional real estate investing options.Initial Costs to ConsiderBefore buying your first rental property or house flipping project, it is crucial to think beyond property prices.

Fast decision-making played a crucial role in this successful deal.

Maintaining clear boundaries between landlord and tenant is crucial.

One point equals 1% of the loan amount, so on a $100,000 loan, 2 points would be $2,000.

Your current asking price for rent is equal to your mortgage.

So my point would be that the appraised value isn't always equal to actual value on a purchase appraisal.If everyone is month to month you have a lot of flexibility to go back to them and say, "Hey, we just got the property tax increase for the year and this will necessitate an increase in rent to $X,XXX/ month.  

Taking action by saving, working on credit, and connecting with local investors is crucial for success.Good luck!

In a community property state like Arizona, your wife's involvement can be crucial.