Investors normally get there payments on time, most of the tenants stay for long periods of time because if they move it is a hassle for them, and since section 8 requires that the property stay in certain condition it will help keep the maintenance costs down. 

On market & negotiated price based on condition How did you finance this deal?

@Peter W.From my experience, a second-home investment strategy works best when you meet lender conditions like owner occupancy and rental restrictions.

In that case I write off the lost rent as cost of doing business, but I prefer that to the expense and hassle of an eviction, which typically ends up costing us more and takes longer, even though Milwaukee is still pretty landlord-friendly.I have also done cash for keys, but typically very conditional. 

About getting out of the Rat Race.My family and I played it a few times, and what can be said in its favor is that there are a lot of opportunities to buy rental properties under different cash flow conditions.

So, in your example it might be at 9% interest rate which would make the weighted average HIGHER than taking out a mortgage at today's interest rates because the 2nd mortgage would be 3x as much as the 1st mortgage. 2.

The problem with buying something in near perfect condition is you need the market to really perform to see appreciation.

What would you say is the average occupancy and daily rate for a 1500 SF 3 bedroom home in good condition around a mile from the beach / pier? 

A loan commitment letter carries more weight as it confirms lender approval, signaling a stronger ability to close.Addressing Closing Concerns: A commitment letter meaningfully reduces concerns, especially when paired with proof of equity and a track record of performance, even if on smaller deals.What Brokers Look For: Key factors are a reputable lender, clear terms in the commitment, and evidence of funds for equity and reserves.

Here’s a comparison:Income reliability and net cash flow: In Las Vegas, a fourplex in reasonable condition costs about the same as two single-family homes, but they attract very different tenants.