This first months rent would reflect on your year-end statement and your 1099 income reported to IRS by the property management company.The first month's rent is just being offset by the expense of the leasing fee that is one months rent and will show up on your expense category on your year-end statement.

All of the homes are owner occupied by lower income people with a mix of them receiving public assistance. 

That would get you up to $170,000 provided the seller will give you 6% seller's assist. 

I recommend you routinely take time to unplug, reflect, clear your mind and recharge.

Is the Fannie Mae and Freddie Mac proposal to require more liquidity when delinquencies rates rise reflective of increased risk?

sounds like you are like most and need a local mentor who assists you and gets paid as a JV to your deals for x period of time.  

I'm sorry I cannot be of much assistance on this topic other than to encourage you to investigate everything that anyone tells you to the fullest.  

I would add one thing...offer the tenant some moving assistance if they decide to move out.

That way, an accurate sales price is reflected on the HUD statement and county records. 

Any assistance would be greatly appreciated.