@Nick Colvill typically the Appraiser will determine fair market rent for the property.

I say this because that's probably where the most money is to be made but it will also be more risky and more work and headaches on your part.If on the other hand you're fairly conservative (financially), want somewhat of a hassle-free investment without taking much of your time, just pay market prices for a really nice house in a great school district even if it has minimal cash-flow.Over time, you will get great appreciation and build wealth through loan pay-down even if there isn't much cash-flow.I personally do both plus a number of other things for diversification reasons.

@Tim Chase yes this is fairly common rule for HOA’s.

It's fairly standard around here to ask seller to buy 1 year of home owners warranty.

The fair thing to do would be to first give him the opportunity to start paying rent and remain in place - and I will do that, as long as he meets my tenant criteria following a -$1000/mo blow to his income.

@Skye AndersonAs has been said, depending on your locale, everything is fair game to be stolen.

Works fairly well, and you can do it off the top of your head pretty easily. https://www.youtube.com/watch?

@Greg DavisHELOC up to 90% LTV at KeyBank if you have a fairly established relationship.

With NNN leases, HOA fees, CAM, some condos for rent and some for sale, the spreadsheets are fairly complex.

You will need some skin in the game.