So you walk away with 25% equity/75% debt split on a property where the mortgage is being paid by a renter and there's a few hundred per month extra for your pocket.You now get to repeat the process again, it is called "rinse and repeat". 

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

Also, it could even be negotiated LATER in the process.

I’ve done all the research on the front end of how real estate works (like running numbers, knowing loans, and the process of buying the home) but none when it comes to managing it with tenants.

@Brittany Rogerson these are great questions, my wife and I did this a couple years ago so here are some thoughts, questions or considerations which we learned through the process.- Are you planning on continuing to buyer more rental properties, and will your single income, plus rental income, etc. support you 5 year goals? 

Is it just combining medications into one pill or capsule or does it require more extensive processing. 

Learning to go through the cash-out re-finance process first hand was also wonderful!

It’s extremely simple process. 

You pay him/ he to follow processes and resolve issues.

Incredibly difficult zoning process outside of the city.