Tell them you can't afford to keep rents that low and ask if they're willing/capable of handling a major bump or if they're willing to move out.

First, they probably can't afford it.

If it is such a great deal you shouldn’t have a problem finding a willing partner.I don’t mean to discourage you from investing, I think it’s awesome that you are trying to figure out ways to make something happen even though on paper it looks like you can’t afford the house.

Rockford's affordability allow a sizable HELOC to cover most down payments. 

I live in San Diego so am looking for an out of state investment because I am not able to afford a SFH here as they are too expensive.

I quickly found a great agent through my realtor that would write separate and affordable TWIA Windstorm and Flood policies and I am on the beach.

How about replacing furniture, appliances and supplies for tenants - are these deductible expenses?

When furnishing our MTR, we did not go crazy with the decorations or furniture; we furnished the 2/1 for around $5,000.

We were looking for affordable markets with opportunity and moved to Jacksonville FL. 

Finally, it was a price that I could afford.