@Cody MillerHave you considered renting out a room to help pay down the mortgage and bring in extra income?

Think about your money situation, like your credit score, how much you can put down at the start, your debts vs your income, and how steady your money flow is.

If not, consider conventional or FHA loans based on your income and debt ratio.Good luck with your purchase!

With it being purchased as a property specifically for renting and or flipping would my income come into question on the financing side of things?

Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

Especially with my lower income tenants

I am probably looking to work as a investor for passive income.

Industry events, conferences, and online forums like SponsorNetwork can be a fantastic way for you to connect with experienced sponsors and investors.And don't be discouraged by a lack of prior deals.

A triplex fully rented out that currently generates an income of 3K.

The problem is that it makes it more difficult for tenants to pay, and higher-income tenants will push back because of the inconvenience and hassle.