You need to get paid for more than just the money you put in, you need to get paid for your TIME, your KNOWLEDGE, your SKILL and your EXPERIENCE.

., or do you need to set up strict rules in advance for the credit report (i.e. up to $500 unpaid medical bills allowed, no bankruptcies, no child support in arrears) and not deviate from that?

I worked in bio-medical engineering for a number of years, position stated that a degree was required, I didn't have one, and for all the years I held that job I made more than most of my peers - peers that all had degrees mind you.Degrees are a piece of paper that says you're capable of passing a slew of tests - doesn't mean you'll have a high paying career, or that you can even hold a job for that matter.There are plenty of very wealthy people without degrees - it is not a requirement to have a degree in order to be wealthy.

You need skill or money to acquire assets.

They often have a general vocational skills program that's a great place to start.

Depending on the area, you may have to account for more vacancies, but this is also dependent on your skills in renting.

I've used ODesk for lower skill tasks like outreach and list building and Elance for content writing and design work.While they've been more expensive, I've had my best luck finding writers on Reddit For Hire and Craigslist.

I usually factor in an additional buffer for things that could wrong.Shocks me sometimes how some builders are able to lower the $/SF because I don't consider the skilled labor I use to be that expensive.

After changing my career course from designing to estimating and real estate investing, I didn't want to waste my design skills and thought I could put it in to good use here on biggerpockets whether it be helping someone using CAD, having an open discussion on layouts or providing designs. 

You can practice your land-lording skills and then easily sell-out in the future(3) As a primary residence, you shouldn't have to pay any capital gains on the sale if it appreciates (verify with your accountant b/c I don't know your personal situation)Those are the positives that I see, but the big question is where would YOU live if you're renting out this property?