Don’t have great credit so want to assure you they’ll cover the rent.  

I will be sticking to my guns with even more assurance. 

Do you know how much that could cost you.Have you thought about how difficult a tenant could make your life if they insisted on strict compliance of every express and implied term in a lease.

You are here now.Let me just assure you the $40 per month will get you more material from BiggerPockets at $480 a year than you did from the three day seminar.

And stretching it to 5/8 for you puts the lots out of compliance calendar wise.This is why Gideon Tucker once said, "No man's life, liberty, or property are safe while the legislature is in session".

The servicer is responsible for servicing: collecting payments, sending statements, keeping in compliance, etc.

I can assure you that if the property is as you've described the premiums will be higher than usual.

However, I am re-assured that Real Estate is the Avenue that can generate great wealth if the work is put in over time.

Others, after learning what they don't know end up teaming up with depositories in a joint venture relationship in which the depository supplies the licensure and part of the compliance and the money for the loans.

The "long term holiday bonus" you get for the years you put in managing the property or finding and working such a good deal.Even with 3-4% appreciation you will be putting money into this property hand and foot I assure you, and at the end of 5 years you will realize that the total net gain, you probably will be far better off putting the money you did have into either (a) a better deal or (b) some sort of ETF that averages between 6&7% a year.This first place you make your money in real estate is on the BUY!