Find a partner that lacks what you offer and create a win/win.

However, it's also important to compare fees between lenders to make sure you're truly looking at them apples to apples.

Now, that said, let's give the contrary view, and why I wouldn't personally do that deal:-Limited appreciation potential for at least 3 years on this property based on location and demand, and no opportunity for forced appreciation-Risk with Section 8 on cap ex -I look for cash neutral on 15 to 20 year notes-positive cash flow of 144/month does not excite me, especially since I prefer appreciation potential -I avoid rentals that require more than $2000/month in rent to work given lack of demand at that price point in North AlabamaAgain, I ran this example just for educational purposes. 

I don't want to pour water on your interest, but I don't think this is the deal you are looking for because:  1. problems with all of the things you can do with the property 2. a general lack of reserves 3. long distance. 

The lack of good leads I don't attribute to this tool, but my list and that still folks have good enough jobs to afford to pay their mortgage.   

Lack of funds.

Area became oversaturated with rentals, cleaners sucked, property management was lack luster to say the least. 

But if you buy four $200K houses then it's apples to apples and you're not going to fall behind.For what it's worth, I'd be concerned that if you over extend yourself buying a primary home you'll create a larger scale issue than just being house poor.

Lack of proper notice can be a big issue, a local attorney can let you know exactly where you stand.

I have seen thousands of home owners over the years get stuck with an I/O Heloc and cannot refinance it due to lack of pay down and not enough equity/appreciation.You still have a 30 year mortgage at low 6% versus a Heloc in todays market at over 8-10% over a shorter term 10, 15, or 20 but never 30 yeas so in most cases the mortgage payment is less.