The article shows that the share of homeowners with 65+ with mortgage debt has gone up from 22% in 1995 to 41% in 2016.

RM’s are Insured by HUD, therefore the HUDguidelines......for at least the first 180 days, the property must sell for 95% of appraisal for the lender to be reimbursed by HUD....24 CFR 206.125Typically, the lender will order an appraisal prior to listing the property for sale.  

@Alex Zaragoza the homeowner and agent are in a legal binding contract.

The Profit you will have is not necessarily 2k a month what about fixes, insurance, utilities, trash, and just pesky little repairs? 

What if you inform tenants that your insurance co requires all persons residing there to list make and model of  their cars.

After taking into account property taxes, utilities, water, insurance, and a 10% repairs & capEx fund, I figure he's making ~$5,000/month. 

If any member ever has a question about insurance claims or a closing, do not hesitate to reach out.Daniel Alvarez

I put my rehab and insurance costs on the HUD and get them back every time.

That will hit your cash flow over $200/mo.Next, I do not see a line for insurance. 

I would wait until you have at least 20 % down payment before purchasing another property, unless your main day job can help cushion the expense cost (vacancy, repairs, taxes, insurance etc).