I have never done this with another tenant.So how deeply do you look at credit risk?

You take that risk.

I find it strange that you are concerned about the hobby farm payment to be a little tight but are okay with the risk and expense of buying a second property.  

He (Daniel) interrupted me several times in an effort to control the call. 

You starting budget will depend on your risk tolerance.

The economy is thriving in several areas -- pharmaceutical, medical, IT, Distribution centers, manufacturing, government defense, sports, convention center -- a wide variety, so we aren't depending on only one type of industry. 

Taking on the risk of doing it wrong is another concern.

Consider HOA regulations as they could pose additional risks, be sure to thoroughly review the Covenants, Conditions, and Restrictions (CCRs) regarding rental restrictions or limitations.Strength:Elderly tenants are inclined to move less frequently, resulting in reduced turnover.

I’ve bought several FSBO and it was such a breeze.

If you click on the build your team tab you will see the directory of sponsored advisors and if you check out the personal finance section you will see several of us that post regularly.