A PreApproval is there next tier, in that it also is reviewed by an underwriter for pre-approval of income, asset and credit documentation. 

Some additional data I have found:https://guides.sll.texas.gov/landlord-tenant-law/eviction-pr...Step 1: Written Notice to Vacate.

Once you build up enough income/wealth, then you can start to transition.

Just as a side note, I'd be curious why the siding is buckling on the backside of the newest addition to the home. 

If someone is working with a lower balance of funds like I am, than I'm more likely to prefer cashflow so that I can continue to afford the property as well as my life style.If I had some disposable income that was in excess of what I need to live on, than I'm more inclined to look forward towards appreciation because I would have enough wealth to take the hit now for the bigger payment in the future. 

However, as a millennial with only 80k in income actually moving into the property and claiming NY residence would have been financial suicide.  

These are generating tax free income!

In addition to what he shared, location will be extremely important and I will share why. 

Interview a couple of management companies and get their income projections, but definitely be conservative. 

@Eryn GarciaPros are that students generally have consistent income from loans, parents, grants.