However, I talked to my realtor who got started in real estate via room rentals and he shared that as a 'border income' situation you actually have more rights than a traditional landlord.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

You could be with your bank for 50 years and if your credit score drops, or you miss a payment or do not show enough income for the debt to income ratios, your not going to get the approval. regardless of how many years you have been using them for checking and savings or even your business account!

the property was tired, needed revitalizing and had huge upside equity & income potential How did you find this deal and how did you negotiate it?

Do you want to be in a place of population and job growth or one with decreasing jobs and population.Do you look at things like average credit scores or % of income spent on rent?

As I've been learning, there are the key taxes to understand when investing into a new area or state:- State business income tax (if you have an LLC)- State personal income tax (if they want to tax you too, even as an out-of-state investor)- City personal or business income taxes- Any registration fees due the city/state- City/state property taxesAnd I'm sure more!

They used a combination of the rental income, my W2 income and my credit to qualify.  

I had issues with linking a bank account to their "Stessa Bank account".

I personally use Avail for PM & Stessa for accounting/book keeping.

Thoroughly research the industry, field, business you’re interested in to see if there’s a “niche”, unique approach, unserved customer base, or anything similar that can be exploited to earn income 3 standard deviations above the mean.