However, after collecting more information from PHA they stated I should aim to rent the unit at what other units nearby are renting out for and NOT go as high as the SAFMR states you are allowed to go.

The goal is to start getting your land-lording processes into place--how will you advertise, how will you screen, how will you collect rent, how will you deal with maintenance, who are you going to use as a lender, what is your process for bookkeeping and taxes.   

Its super easy to setup and use, but it still comes packed full of great features and automation to prepare for tax season, but also for rent collection, transaction management, and so much more.

So far we have collected about $280,000 but the borrower has been unable to pay us off.  

A little late to the gratitude fest, but like @Kerry Baird above, I am genuinely grateful for the old timers here and the new voices as the collective wisdom of this group is something I tap into regularly.

Because the cost of roofs, ac units, water heaters and so on don’t care if you collect $600/mo in rent or $3,000/mo.  

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

If we were to split like this on our current development, our engineers would collect 25 to 35 times as much as we paid them on a straight up fixed cost contract. 

I just picked a Luxe collection medium queen and it is $1899.

I bought my home at the very end of 2021 but really didn't do any work on it or collect rent in 2021. 2022 is when I really started to do work on the rental side/unit of my property.