If you build a relationship with them, you’ll get cut in on better rates and terms.

I think the skepticism (or perhaps fear of failing) is what fueled my desire to learn more in the beginning.

Had it happen recently where a tenant was paying 27 percent of the rent,....had a change at the job and their hours were cut dramatically, they told the housing authority, I got some new paperwork....now the tenant pays 6 percent....Section 8 covers the other 94%.

My LLC with my partner is cut and dry.

Honestly, since this is your first property I would suggest cutting cost as much as you can in the beginning.

The seller actually checked off unknown about any fuel tanks.

It would appear you haven't really cut your teeth yet.

Purchase Price: $150,0003.5% down: $5,250Closing costs: $3,000Rehab (adding walls/closet for additional bedroom): $5,000monthly mortgage+tax+insurance (quote from lender): $1176 (1176*12= $14,112 for year)other monthly expenses: $300 (300*12= $3600 for year)All-in cash needed for year 1, assuming absolute worst case scenario and I can't find any single bedroom renters for the first year while I am living there:$30,962 After $7,500 room and board reimbursement from employer: $23,462I plan on pricing each bedroom way below market rent at $350/month, to try to fill up each bedroom and cut away at year 1 costs.If I can rent out 1 bedroom: (23,462-(350*12)) = $19,262 If I can rent out 2 bedrooms: (23,462-(700*12)) = $15,062If I can rent out all 3 bedrooms: (23,462-(1050*12)) = $10,862BP Calculator (after year 1) assuming worst case year 1 scenario:Note: I added money to "repair costs" to change numbers to reflect 12 months of mortgage payments I would have made during year 1.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfBP Calculator (after year 1) assuming mid-scenario where I manage to average 1 bedroom rented during the year I'm there.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfCoC ROI goes from 5.7 to 8.5.Also, I plan on eventually refinancing to a conventional loan, lowering my fixed costs from about 1200 to somewhere in the 800-900 range, freeing up 300-400 more in cash flow each month and increasing the CoC ROI.Would very much appreciate it if somebody could try to find holes in my plan.

I thought about a regular mortgage but the stockpile of cash would have to payout twice a month and would cut the timline down drastically.

We are not too from June so it might be worth pulling out the next worse scenario which is small business bankruptcies, continued high unemployment, huge damage to local and state funds and thereby cuts in basic services, fall in consumer demand and then a cascade that impacts other businesses and eventually rolls into the housing market in the form of foreclosures.