The mistake you are making is it looks like you think you can use the number on the HUD website as your rent amount. 

This was my first property, and while it's been a great learning experience, I made several mistakes along the way—ranging from choosing a realtor who was more focused on closing the deal than finding the right house, to having a poor inspection and overlooking issues hidden beneath the surface (literally).

One of them can move out, but that doesn't eliminate their responsibility to pay the rent according to the contract they signed.

I see so many landlords lowing money through rookie mistakes, yet they continue looking for more doors.

.: Thanks for the replies I totally understand you can not eliminate risk 100%I was just wondering if there was a safer way to handle this. 

His mistake was underestimating how much the loan repayment would eat into his cash flow.

Tons of seasoned members here to also help offer good advice as well as keep new investors from making mistakes.  

Plus, as mentioned your risk exposure would be huge if you didn't have a contract in hand to lease, plus they won't want to lease from you, because they are a Sticky or capture tenant.Start small and Make Your Big Mistakes Early.

The beauty of REI is there is no need to make the mistake my wife I  made early on thinking we could do it ourselves. 

I am just worried this might be a mistake as it as a high cash flowing property and my mortgage rate is a low 3.125%.