Due to health concerns I'm considering retiring next year, and will need extra cash flow to pay for health insurance. 

Apparently, bond markets only needed a day to express that anxiety as today has been extra calm by comparison.

Also, by doing it that way there probably wouldn't be any extra cash....any feedback on this?

Hello everyone, this is something I have been thinking of doing, I do not have any real estate experience nor do I have much extra funds, with that said would I be getting in over my head?

In most cases you'll find everything you need here on BP so don't spend any extra money elsewhere.

The truth is there is a very limited amount of cheap condos out there.For example, the cheapest 1 bedrooms (South King County), I have seen earlier this year were in the $40k price range.  

I haven't personally but I would screen them extra, and if they meet your requirements, I'd let them stay, but if they don't, I'd get a new tenant.

I definitely recommend spending some extra time estimating your rehab budget and then figuring in a good percentage extra for a cushion. 

And yes, some landlords even charge extra rent for the privilege of owning a pet; say an extra $15 to $25 a month for this (we don't..yet).For a long time we didn't change any pet fee to tenants who own pets as I've always had pets and did volunteer work in greyhound rescue. 

If you want to be extra safe, add a percentage point or two to the current interest rates in your analysis.