I've been burned before so I'd rather walk away from a deal with a tenant like this, yet they seem like a very good candidate match based on their current portfolio.

It sounds like you’re working long hours already and eventually you’ll burn out or reach a point where you don’t want to continue that hard path and you’ll probably want to work less hours which is why a lot of us get into real estate in the first place, to take back our time.

Martin Burns (253) 507-5586 or  Ed McFerran (253) 471-1200.

If you live out there you might buy a burned out house and rebuild.  

just put empty calories / more crap through your body holes, and literally into the toilet.

The insurance replacement cost of $236K might be a bit overkill unless you're planning on burning the place down (just kidding!).

This is 100x more true if the property is in a C or D area.I'd suggest reading up on the topic on the forums, where you'll find many examples of inexperienced investors crashing and burning hard trying to do OOS REI...the story is usually the same--they had no experience with REI, they couldn't find any cashflowing properties locally, but they saw that properties in other states (often the Midwest) cashflowed well on paper.

I got burned by multiple contractors out there so be careful who you hire.

All I can say is I have a burning desire to gain the knowledge necessary for success in real-estate.Down to the point of this post, I would love to hear from any of you who would be willing to provide me with suggestions of materials that were key to YOUR success and how it helped you.

In this situation i would look into refinancing from a Variable into a fixed just to drop payments and stay afloat if you can't afford the $150/month burn.