I also let emotions play into my decision making as well.

It's as much of a learning experience, albeit an emotionally charged one, as learning how to put up ads or calculate a property comp.You're going to take a hit now.

Run the numbers, stay rational, and avoid making emotional decisions.

Look at tenants like machine objects who will help your business with their critisism and not let them destroy you emotionally.

In other words, you'll be hiring an amateur that is emotionally involved in the transaction instead of an experienced REALTOR that knows contracts, knows laws, knows the market, has negotiating skills, can provide a second set of eyes, and is completely objective to the transaction. 

This will allow you to not have such a emotional roller coaster when it comes to qualifying with financing.As for your Debt to Income you will need to be around 45-50% max (upper of 50% if you have lots of cash reserves).If you have the property bringing in 900 per month that you just bought for 60k then a lender assuming they dont have too many overlays will allow you to use 75% of this rent or 675 to offset your monthly PITIA or principal/interest/tax/insurance/assessments.Your PITIA  on 60k depending on which state you have this house should be around 400 per month so you'd be positive 275 income per month (675 - 400 = 275).So it actually helps you qualify for more since 45% DTI of this additional 275 income you've gained is $123.75.

This helps take the emotions out of it. 

This book covers the most important thing you need to know and that is 'the math' because if you don't know how to do the math you can't analyze properties to get the most bang for your buck, no real estate broker will do the math for you to suit your agenda, you will not know where you are going after you purchase a property and will not enjoy the real estate business and not enjoy dealing with tenants when you don't understand how much money you are making in addition to cashflow.Go to bestline plumbing.com, scroll down to the link 'MS Access Software, download the free software and learn how to analyze properties before you get too excited and purchase the wrong property.Dealing with tenant including the bad tenants is actually a lot of fun when you understand only a few simple things I don't have time to explain, but my wife and I manage several fairly large apartment buildings and properties in 4 states with no property management company and we never let tenants get us stressed nor emotional because we constantly do the math and we are on top of our game.

However, it’s really one of those what will make you sleep well at night (emotional) questions rather than a logical question.

Some investors are very good at taking the emotion out of their work, and an example applicant such as this one obviously has red flags all over the place.