Just for peace of mind, I would check to see if any pre-foreclosures have started to pop up in that housing market you are eyeing and of course if your are doing work to it double check your estimates on rehab costs.

I'd keep an eye on them if they do move in and do inspections every 3-4 months.  

I did it probably half a dozen times in the first 2 or 3 months on BP.. and as lunch would wrap up the folks inviting me would give me the puppy dog eyes or not really ask for the check in a authoritative manner and well I just ended up buying lunch..

Here's the catch 22. 

But it is in a good neighborhood and I’m pretty handy, so it caught my eye.  

And, naturally, there will be more paperwork, since you're starting from scratch in the eyes of that new lender (who does not care about your 40 day old pay-stubs, etc, they want the most recent ones).

If it's a longer lease, then I would keep a close on eye on their behavior and use one of the clauses in the lease as a reason for termination if they break it.

If the tenant does not  have money now, which is hard to imagine considering stimulus, enhanced unemployment, and laxed unemployment guidelines, I don't know how they will ever be able to catch up and are just kicking the can down the road for financial ruin. 

I've been keeping my eye on the area.

Is it fair in the eyes of other wholesalers?