The very first day that a tenant is late, a Notice of Default needs to be delivered to the tenant (you need a receipt of delivery; if you hand deliver it, place it in a sealed envelope with their name on it marked 'urgent/confidential' and take a photo of it placed on their door). 

Our hands are tied accordingly however as we cannot influence the appraiser and need to keep them truly independent (as every legitimate lender in the space knows as well if they want to continue as such)

Quote from @Avery Oblepias: I’m needing advice has any one taken the Tom Cruz section 8 program if so was it worth the investment thank you  He's a total dork.

@Zach Denny Did you ever put your deal together, if so I'd be curious what the bank required on CLTV and if you had to source the total down payment (PP-First Loan) then apply seller second, or if the bank let you do all that at closing functionally making your DP = PP-First Loan-Second Loan.

Also would you focus on a specific target market you are familiar with and know the comps like the back of your hand and have boots on the ground ?

I know the area like the back of my hand and believe Indiana has tons of upside to invest in.I came from a low-middle-class family of teachers.

On the other hand, if the sisters came in and took all his stuff and he had not given you permission, you are liable.One potential solution if you end up having to go through eviction is to tell the family when the constable / sheriff comes to have their stuff removed. 

Depending on how hands on I am.

@Yooni Choi Self-managing out-of-state properties is totally doable with the right systems in place.

We have a handful of rentals, and none of them pencil out exactly like we thought they would.