You'd think some brilliant municipal planners would figure out how to structure for diversity (young families) and affordability (for the worker supporting services and the economy) . 

I think the best way to separate yourself from your competitors in MTRs and STRs is the level of service your provide and the cleanliness/upkeep of your properties.

Generally you can buy at a 6 CAP or so but the debt service is 7% so even if everything goes perfect, you are likely to lose a bit of money each year until the rents continue to appreciate or you refinance.I continue to look for cash flowing property anywhere and it is really hard.

As long as you have your down payment, closing costs, reserves, and anticipated rent covers the debt service you should have no problem.

When you change the insurance to add loss of rents and tenant perils the notice goes to the lender and servicer.

However FHA will allow you to add what's called non-traditional credit, and normally if you have 3 or 4 different creditors added you can qualify. 

how are you pulling off non owner occ purchase of 365k for only 10k down.. thats the only question i really have

So we have other services that does a really great job for us.

My new pm is providing this service for free and building the cost into each rental agreement.

I'd look for the current status of the property's inspections, such as the fire marshal, the health department, social services, etc. - as well as checking with the local municipality for any building or zoning infractions.