But even so, just taking the lease/rent expectations vs. the mortgage repayments, how could one in this environment hope to be cash-flow positive from the outset or even use the 1% rule?

Account Closed, I can not speak for Massachusetts rules and regulations regarding asbestos siding. 

Step one is to study your state landlord tenant regulations.

After my wedding next year, my fiance and I were considering renting a new place (for a change in environment).

There are several ways to structure these deals, but to be in compliance with current regulations and to be very fair and clear to all parties involved, your terminology and the clauses of your agreements actually matter.

Read and learn your state landlord tenant regulations.

Another thing to consider is tenants friendly laws and regulations in CA.

Study and learn the appropriate state landlord tenant regulations if you want to do it right.Based on the circumstances you should be seriously looking to get rid of this tenant.

If you have any other questions about the market and regulations, feel free to PM me.

Basically it added a ton of regulation to the financial industry.