After they moved out, I was doing the tenant turn over (cleaning, painting, etc) and one day while I'm there it starts to rain. 

Just go with the regular 20% no-pmi and don't worry about it?

"We strive to provide safe, clean, affordable, comfortable, and quiet housing for responsible renters."

Are they keeping the place clean - no holes in the walls, etc?

I currently work a regular well paying 9_5 job but would quit down the Rd once the business is launched and work for free/significantly less than I make now.  

Last night we had a contractor come in, assess the damage and then work on cleaning it all up, drying it out and spraying.

I have already been able to meet her inspector who she works with regularly.

@Jon Blackburn Don't have to invest into a fund- can just invest in a regular house as well.

It's hard to find deals right now, but if you're the bank (cash purchase) or you don't care if your returns top 7 or 8% (institutional buyers) then you're going to clean up nicely because competition has greatly slowed.  

Thank you for your valuable advice, I had a few homeless persons and regular section 8 people came, the section 8 people don't want it because they have the one bedroom voucher, and they don't want studio apartment.