We've had a non-paying tenant in one of our units before, and by the time we were able to evict her (for legit non-payment), we were out thousands of dollars (she also happened to be a client of the illustrious Pine Tree Legal... they will cost you money, no matter how perfectly you try to adhere to the rules).

Find a realtor that you like and they will find tenants, do the background check, etc. with no cost to you (typically charge the tenants a 1-month fee).

An example may include the $$ budget you have, areas you like, you buy with cash or use debt (30% down +/- typically), and product type you prefer. 

You'll see a lot of the same faces,  but the networking alone is worth it and typically they are packed with great information.

Subject to, wrap, contract for deed, an option, or a lease longer than three years all typically violate the due on sale. 

With all things equal the typical break-even point is 2-3 yrs in these areas.

They are quite different than a typical lease. 3.

In the La Crosse area, typical rents are about $300-$400 per bedroom, with some obvious fluctuation by property quality.

@Creig GriffinWhat you can expect, typically, would be to put down any where from 10% - 30% on purchase. 

Also, typically they don't sell as fast.