Thanks for your response, @Michael Smythe.

Quote from @Tom Camarda: @Jason Taken hard money financed 50/50 LLC is probably the cheapest way to do it. both on title. both responsible for the mortgage.

The tenant is only responsible for $500 in rent, so you calculate 3 x $500 or $1,500 for income requirement.

Thanks for your response.   

To all those who think all the landlords around the country would wield their police power responsibly, stay tuned.

@Chris Seveney, @Denver McClure, @John Clark, @V.G Jason - thanks for the responses.

If anyone has any advice or tips, please post them.

So needless to say that I need the rents coming in. my problem that I have is that one of my first tenants brings his girlfriend over every night and they argue by slamming doors and disturbing my other tenants.

This was a very in depth response with a lot I did not consider. 

DM me if you want his info.