Well the 2nd month in a row my tenant asked me to work something out because she lost her job cutting hair from the pandemic.

There’s no short cut to figuring out a plan and finding the tools to bring it all together.

If you build a relationship with them, you’ll get cut in on better rates and terms.

Had it happen recently where a tenant was paying 27 percent of the rent,....had a change at the job and their hours were cut dramatically, they told the housing authority, I got some new paperwork....now the tenant pays 6 percent....Section 8 covers the other 94%.

My LLC with my partner is cut and dry.

Thanks Eric, yea have seen that map, looking at a unit at the northern edge of that map. 

Honestly, since this is your first property I would suggest cutting cost as much as you can in the beginning.

As for the Ramsey market, I just filled an Anoka vacancy on edge of Ramsey in 2 days, literally, and my biggest problem is the continuing stream of applicants for the unit, lol. 

It would appear you haven't really cut your teeth yet.

Purchase Price: $150,0003.5% down: $5,250Closing costs: $3,000Rehab (adding walls/closet for additional bedroom): $5,000monthly mortgage+tax+insurance (quote from lender): $1176 (1176*12= $14,112 for year)other monthly expenses: $300 (300*12= $3600 for year)All-in cash needed for year 1, assuming absolute worst case scenario and I can't find any single bedroom renters for the first year while I am living there:$30,962 After $7,500 room and board reimbursement from employer: $23,462I plan on pricing each bedroom way below market rent at $350/month, to try to fill up each bedroom and cut away at year 1 costs.If I can rent out 1 bedroom: (23,462-(350*12)) = $19,262 If I can rent out 2 bedrooms: (23,462-(700*12)) = $15,062If I can rent out all 3 bedrooms: (23,462-(1050*12)) = $10,862BP Calculator (after year 1) assuming worst case year 1 scenario:Note: I added money to "repair costs" to change numbers to reflect 12 months of mortgage payments I would have made during year 1.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfBP Calculator (after year 1) assuming mid-scenario where I manage to average 1 bedroom rented during the year I'm there.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfCoC ROI goes from 5.7 to 8.5.Also, I plan on eventually refinancing to a conventional loan, lowering my fixed costs from about 1200 to somewhere in the 800-900 range, freeing up 300-400 more in cash flow each month and increasing the CoC ROI.Would very much appreciate it if somebody could try to find holes in my plan.