In a high interest rate environment, if you can cover the mortgage with the rents, you can get a great deal on a property.

Balloons are generally not allowed for owner occupied which is covered under Dodd Frank.

The HELOC covered the down payment and then I got a conventional for the 80%.

You can also create an area for foot wiping either by having a covering at the door like an entry rug or if it works I have seen people have a tiled entry and carpet elsewhere. 

Depending on the class of this property get rid of that sprayer too just close off the 4th hole on the sink with cover plate.  

There are still areas where you can buy units for $200k/ door but they require a lot of work usually and covering all operating expenses and interest payments can be challenging base on low-ish rent levels in some places.

@Jay Lam To answer that question [(d)(i)(D)] you will need to identify the named Insured, the members of the LLC, and the consideration stated in the deed.And even if the conditions for the LLC being covered by the definition of the "Insured" are not met, the policy would not be voided.

@Marcello Oliveri  The key to getting good tenants is proper screening, not so much the neighborhood. 

if unit A rents for $1.2k but piti is $3k, you are covering $1.8k of piti, $400/unit maintenance/cap ex, 5% vacancy, 8-10% PM, various misc costs (umbrella policy, bookkeeping, office supplies, etc).  

Vrbo or Airbnb doesn't screen for anything like this.Also there will be bad apples that cone in a 2AM hooting and hollering and ruin it for the people that are well behaved.