Based on your question I would also advise you to seriously consider using a property manager.

For example, I am managing his investment right now all for free, I let him to borrow my car and store all his tools in my home, so our relationship is very close.

DSCR Loans can finance property types that conventional loans cannot (non-warrantable condos, condotels, unique properties or mixed use properties...)Jay was going to say those things as other Ifs i am pretty sure!

Thoughtful pricing and presenting your property in its best light are what will capture buyer attention.Your Move in Today’s MarketFor buyers, this is your chance to explore a wider inventory and find the right fit.

The property is worth around 170K and is old and outdated but has good bones still. 

I just bought a 6 unit property with rents that are grossly under market. ($550 when it should be $1400).

What do you do if you are unhappy with management? 

My Goals: start out with a focus on LTRs with SFHs, self-managing and beginning locally in Memphis.

Market expert, manager, etc.

Purchase price: $225,000 Cash invested: $20,000 Single Family Rental Property What made you interested in investing in this type of deal?