@Amanda Bradley Tenant sounds like typical Class C with a credit score under 620.How hard was it to find this tenant?

I know when you make an offer you typically specify how you plan on funding the deal.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

That's a typical scenario and could cost you $10,000 - $15,000 so that would be a good starting point for your reserve.But there's more!

Keep in mind that while there is an exemption to the Fair Housing Act.....most states that have a state level Fair housing law do not typically provide the same exemptions as the national law.

We have much more robust capabilities in MLS that typically in most areas aren't available to the general public. 

Is there typically an ROI?

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

Some carriers don't ask but you should make sure that you're not indicating (in the policy application that is typically e-signed) that you aren't using your property for student housing if you are.  

Quote from @Godsheritage Adeoye: Hello, I’d like to know how investors typically handle Subject To contracts.