If they collect 300, they could recover that 25 months, depending on efficiency, they might raise that in 5-6 years even without raising fees. 2550 rent on a 200k house on a hot market is a no brainer, sure hope there is appreciation.

I could still maintain a normal 9-5 while collecting rent from the additional unit(s).

Many online auctions will not permit financing and require proof of funds quickly after auction end.

He told me that I need to show him the proof of funding first.  

We were only in business for a couple of months, had no tax returns or anything to show but proof of rental income. 

I've started looking for handyman referrals, you make a lot of good points.We currently use Cozy.com for listing, applications, and automated rent collection, and use SmartMove for background checks.

Problem is that sellers want proof of ability to pay in order to avoid tire kickers, which is quite understandable. 

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

But it wouldn't be recession proof.

I don't want to collect any money from the tenant for the application since its a mess with returning it to them if we don't accept them.