That's what we did and it many homes are set up with converted garages to studios etc and the long terms rents are decent so that helps offset your mortgage. 

However, the home has been fully rented for the past 12 years and generates sufficient cash to cover PITI +  maintenance and even throws off a decent amount of cash every month. 

The property is in decent condition but has not been renovated.

His lease is up next February, he does pay but only after we serve him a 10 day notice and COVID.I am open to any suggestions because any decent tenant we get upstairs is going to want to leave when meeting this downstairs tenant.  

I have a decent size cash reserve but definitely not enough to purchase a property cash in our market, so I will need a hard money lender.

Seattle just did that.. the homesless are going to end up with nicer digs than many working families by a long shot.. 

I've recently moved into a new place and live next to my landlady, who is a lovely, decent woman.

Don't be the first-time investor (like I was) who quickly bought a decent deal, only to find a MUCH better deal 3 weeks later, but be forced to pass on it because my capital was tied-up.I want to share my favorite tool for modeling real estate deals - I found it through the BiggerPockets podcast.

Single-family home sales increased for the eleventh consecutive month, up a dramatic 47.4 percent year-over-year with 9,105 units sold;The Days on Market (DOM) figure for single-family homes dropped from 58 to 40;Total property sales rose 58.3 percent with 11,348 units sold;Total dollar volume increased 85.9 percent to about $4.0 billion;The single-family average price reached a record high, rising 20.0 percent to $371,854; The single-family median price climbed 17.6 percent to $295,000 – also a record high; Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.4 months year-over-year and below the national inventory of 2.1 months;On a year-to-date basis, single-family homes sales are running 24.4 percent ahead of 2020’s record pace.Townhome/condominium sales shot up 112.7 percent and reached record-level pricing with the average price up 8.8 percent to $246,940 and the median price up 11.0 percent to $200,000;Single-family home rentals fell 3.4 percent with the average rent up 11.0 percent to $1,960; Townhome/condominium leases rose 15.1 percent with the average rent up 8.0 percent to $1,688.HAR

That doesn't mean a local one will not be amazing, just a better shot.