I believe the damages will be more than the security deposit.

I believe the damages will be more than the security deposit.

If they pre-pay last month's rent and a security deposit equal to another month's rent, I think they have strong incentive to not bail in 6 months. 

I hope that you have changed the locks and secured your property to prevent anyone else with a key to return.

My partner and I are looking for a hard money loan right now secure a property and it’s minor updating.

Purchase the property based on current performance (not pro forma, but actuals) and not on potential performance.  

You credit hiccups aren't as important as the performance of the building itself, but you can bet your behind that your debt service costs are going to triple. 2% is a sweetheart deal that you aren't going to find in the market right now. 

I have a secure job as well if needed to pick up the mortgage or other things if real estate market turns as well.

I am a computer geek by training, but I am interested in generating passive income so that my family can have financial security and the opportunity to travel and have adventures (without the day job). 

So while I'm saving and searching for the right property to have as my first investment, I've been doing tons of research and began listening to the bigger pockets podcast which led me here.I currently manage the service end of a new car dealership, but am looking toward the future and some day retirement and want a way to secure financial freedom.