If you still don't see how this is a terrible deal to present to a seller, imagine reversing roles for a second.  

Has anyone had a terrible experience buying a foreclosure.

I have a terrible time finding any good, reliable rental data for Hawaii. 

In addition, I realize I made a terrible landlord as I was too nice.

Sheila F.Great ideal i believe illinois is also 5% for late fee as well . i will look into adding that since that's one of my biggest concerns is late rent. the more things i can put in place prescreen, qualify, and scare away terrible tenants the better haha. i know you will have your issues for now and then. 

I am new to this, but it isn't prime and isn't terrible either.When calculating cap rate do you include cap ex., property management, vacancy rate, maintenance and repairs and all other operating expenses?  

Am I crazy or is this a terrible strategy? 

There are managers who are terrible.  

That is a terrible deal for you, but I'm sure it's great for your agent.PM me and I can send you a local guy who has programs specific for rental properties, that will likely cut your premium by a third or more - depends on square footage of the properties.

For example one attorney's office has a terrible accounting system and didn't deliver invoices for months.