I have been guilty of over-doing it and I am literally seating down this New year weekend to draft a very strict budget that I want to stick to. 

For investment properties, you have to strictly go by the #s, regardless of whether you would live in a property or not. 

The local boards of health may have (strict) regulations on the type of poison bait that can be used and its placement.

Doesn't sound too bad strictly from your financials.I don't know your market there but hey, I guess the key question is would this type of profile work for you with where you are in your life?

They have very strict policies about transfer of ownership, and may call the note due immediately. 

@Brad Carrier Without knowing the extent of the rehab you're aiming to complete, for a $34K house, a $20K rehab budget sounds high (strictly, speaking as %).

Or strictly SFH that are vacation rentals?

They are REALLY strict on credit and income of the borrower and there are some back end fees in there. 2.

@Eli Sunderland I have definitely considered multifamily and have plans to move away from single family once I start buying property strictly to rent. 

They're strictly governed so that businesses/investors don't use them, since they provide a lot of assistance to first time home buyer types.