You wait for 5-10 years while you have $300 a month in profit slowly build back up enough to buy another property?

I have a couple people who are in this particular situation so we'll see soon enough if the underwriters can back up their words =).This refers to fannie/freddie but the situation has to be exactly as mentioned above.This is not a quick close program like a hard or private money loan so be prepared to have 35-45 days in most cases.

That's a no brainer, you'll have money saved back up in no time!

In other words, the back up plan for a bad rental is to sell it.  

Not that it can't happen, it can so make sure you have a back up plan if you consider accepting this risk.

@Vince DeCrow In order of priority:Oklahoma City (commodity prices are inching back up);Charlotte (diversified business);Jacksonville (diversified business); andEl Paso (outlier - interested as seeing enticing price point; unsure about exit options)Would like to learn more about how you guys analyze a market (apart from the usual population, jobs, jobs growth... etc) and your process.

I just have to take some extra things into account like possibly changing the sewer line to pvc from the old cast iron ones.. i ALWAYS have sewer backups if i am dealing with the older lines. 

Thank you friends.I will be looking to reach out to a lawyer to begin eviction process as a backup. 

We just had to replace the fan motor and burner on one and it was about $750.

Bumping this back up.