At the same time, I feel bad taking the money from tenants when I know they are already struggling to pay their rent.

@Cole Albrecht I have been struggling with the very similar dillema.

I am really struggling with this one.Elderly tenant who became ill and could not longer take are of his cat, who ultimately used the hallway by the bathroom, the linen closet by the bathroom and the closet in the bedroom as its litter box. 

The part I am still struggling with is the management.

While there are plenty of success stories, everyone likes to hear about the struggles especially when its not them.  

Purchase price: $140,000 Cash invested: $3,000 Purchased originally as our home we began renting when reassigned and after a very long struggle o\we made this one work and it gave us the confidence to move forward.

Researching the topic further based on that statement, I understand a new LLC with no financial history will struggle to qualify for a mortgage without a personal guarantee (although I also spoke with an attorney who said that shouldn't be a problem as long as the property I am purchasing has income history).

He was able to utilize the internet to find vacant properties and distressed property owners with no ease, however, when it came to convincing a seller to sign a contract with him (a total stranger that the seller has never met in person) he found great struggle.

@Malcolm Jarrell Ok, let me correct you on something that I have seen a lot of new wholesalers struggle with.

And the residents would struggle with upkeep.