So then you just need to market it some and find an acceptable buyer (but this should get the HOA off your back, see below).Then you get a monthly check as the bank--not a landlord.

The link below describes this.

It would seem it should be lower.  

I would remodel this to a high standard with really nice finishes to attract better tenants.I am buying it sight unseen and I am a little hesitant about the area.It's on NW 45th St, Miami.The purchase price per square foot is a mere $65, which is well below the current market average, even for the area.Are there any Miami locals who could chirp in with their opinion on this one?

Then the work will begin.The HomeStyle loan is ONLY for Single Family Homes.Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $ 5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

Here is what to do, but don't be cheap as your peace of mind is worth 10 times the below costs.

No real estate advertisement placed or caused to be placed by a licensee shall be fraudulent, false, deceptive or misleading.(2) When the licensee’s personal name appears in the advertisement, at the very least the licensee’s last name must be used in the manner in which it is registered with the Commission.(3)(a) When advertising on a site on the Internet, the brokerage firm name as required in subsection (1) above shall be placed adjacent to or immediately above or below the point of contact information.

@Mark Lange I suggest learning the definition, purpose, and application of the formulas below.

For me anyone with a fico below 560 is probably a life long deadbeat, and anyone with no credit file, probably is also a dead beat, but they could have no credit for many reasons other than their lack of credit worthiness, so I assign 25 gamble points to the no credit renter and treat them as equivalent to a 585 fico.

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