However, if it's truly one of those communities that has very high crime and difficult to attract any descent tenants, it can lead to disaster.

So you are negative $600 a month on the first one, you will need to have the personal income to cover it and then still buy the next one.A couple of thoughts:1.

I've been investing on the area for years and I haven't seen that kind of conditions anywhere else. 

How does one take the owner finance situation to a bank and turn it into a 30 year loan to hold without an additional down payment of 20 percent ?

There was a disconnected phone line, no website, people living in motorhomes illegally and only about 50 percent occupancy (some of those people weren't paying).

Yesterday I bought a house, to be a rental. 

They will almost certainly demand a proof of funds letter too.

go to lots and lots of meetups.2. talk to those HMLs and find out what their terms are.3. save up enough so that you have a down payment, reserves, and also enough in cash for the hold period. 

It has been a great an profitable ride. 

You are going to most likely have a stranger hang on to several hundred thousand of your dollars.