If someone were to apply this rule here in this market, the home would stay vacant for months on end and the holding costs would kill the investment.

As to condos on a strip, that might apply, depends on any minor subdivision requirement, most probably can't go there.

It would also have about $35,000 equity that I could liquidate to apply towards another property, debt paydown etc.I want to extend my ownership to at least 1 year and 1 day to qualify for long term capital gains vs ordinary income.  

Or, at least, information for out-of-area investing that could be applied to wholesaling.By the way, I'm sure I'm going to get responses saying things like "you should start in your own backyard."

If it gross rents are $1600, apply the 50% rule, that gives you $800 to pay the mortgage with.  

On another note, i'm not sure the SII rules with CFPB would apply to this situation, as those are primarily related to the death of an obligor.

i do, but i dont like to show them because of the address.the hardwood holds up pretty well. my guy can just screen it and apply another coat of poly and it's good to go. i charge the tenant for messing/scratching it up.

In exchange for this permission, the Tenant agrees as follows:1.To keep no more than 1 domestic dog(s) as described below.2.To pay additional rent in the amount of $ 0 per month; or3.To deposit with the Landlord a "Non-refundable Pet Deposit" in the amount of $ 250 which shall be held as security for the faithful performance of this pet Agreement and shall be used upon the termination or expiration of this Agreement for the purposes of cleaning the Premises.4.To keep the pet from causing any annoyance or discomfort to others and to immediately remedy any complaints concerning the pet.5.To keep the pet from damaging any property belonging to the Landlord or others.6.To immediately pay for any injury, damage, loss, or expense caused by the pet (In this regard, it is expressly understood that at no time shall the Tenant apply any part of the Pet Deposit towards such amounts due, but rather, the Tenant shall make restitution immediately and separately from the Pet Deposit.7.To keep the pet under control at all times.8.To keep the pet restrained, but not tethered, when it is outside of the Premises.9.Not to leave the pet unattended for any unreasonable periods.10.To hold the Landlord harmless from all liability arising from the Tenant's ownership or keeping of the pet, including but not limited to any liability resulting from the Landlord turning said pet over to local pet policing authorities should the pet be found unsupervised.11.To dispose of the pet's droppings properly and quickly.Also, to coordinate the cleanup of the pet’s droppings with the weekly lawn maintenance.12.To insure that the pet will wear the appropriate Local Animal License, a valid Rabies Tag and tag bearing the owners name and phone number.All licenses and tags must be kept current.13.Tenant agrees to control flea infestation and will exterminate if necessary, and upon demand, in any and all areas affected with full cost to be paid by tenant. 14.Tenant agrees that Landlord will not be responsible for the injury, harm, or death of the animal, and agrees to hold Landlord harmless for any damages suffered as a result of any harm caused on the animal or by the animal upon another person, guest or employee.

I provided a letter to each applicant that applied.

In a lot of markets these rules don't apply;  Bay Area, New York City, Seattle, et al.