Most of the time they can afford to pay more than you, remember most owner occs are looking at the monthly payment not the purchase price.

As to marketing, you have a very large farm area, just about any method you can afford is probably available to you.

How many can you afford at once?

Buy a 2 family in a transitional area you can afford without relying on tenant in other unit3.

And I would guess that a $1000 a month tenant can't afford to replace their belongings after a loss any better than a $325 a month tenant so renters insurance is a safeguard for either of them...so it might save the tenant in the long run if the landlord mandates a renters policy.

I cannot afford another loan from the bank.. with 20k is there any other creative financing that I can use to avoid the due on sale close... people with high equity is very very hard to find.. 2. also if i dont record the "Memorandum of Option with the county courthouse" than the bank cannot find out that i have an option becuase it is just a standard lease right?

The rent will be $1050 per month and I want to make sure they can afford it of course.

I don't' have any assets, two cars that I'm paying for, I bought another house in March of 2011 for way cheaper (this time if one of us gets laid off, we can afford the 750/mnth payment) How can they come after me other than a collection agency?

If you don't want to spend 2k a month and can afford another mortgage, there's really not much holding you back.

My initial thought is to market it as a 500k property, you may lose most/all of the 440k leads anyway as they can't afford or don't want a half million dollar property.How much interest do you need "while the remodelling is taking place"?