Some times it can work and the gamble pays off, unfortunately it usually does not.The numbers starting out look good enough to try you only lacked the experience to succeed.My advice would be to stay away from real estate.

Either way, congratulations on the purchase and for taking the risk in the first place but you need to get a safer more conventional property loan in my professional opinion to give you better chances in keeping this property especially if you have a long term rental income plan for it. 

Find a professional.

I'll have to bookmark this page to get back to a few of the professionals here when I need help on our multifamily acquisitions in Texas this year.I don't have any referrals in the space you're looking for but in general, when searching, you can also just punch in "YOUR CITY or AREA" plus "ATTORNEY" into the search window above and check out a few bios and people's past endorsements to zero in on someone that fits your ticket.

Not unless it is a market that is 1 in 1,000 with a huge under supply of units where landlords can almost do anything they want.30 to 40 year outlook more conservative baseline numbers are 1 to 2% rent growth, 50% opex,10% vacancy.

Talk to a professional before moving forward with this strategy. 

I enjoy meeting real estate investors and learning more about their interests and professionals goals.Vedran

Otherwise, savvy "professional tenants" will wait until you file a dispossessory suit on them, and then make a tiny token payment.

I would physically visit the location and see what kind of figures your seeing with local rents and what job outlook / unemployment is in the area .

I would like to use my past real estate experience along with my degree to build a family real estate investment business to enable my husband to leave his current job to work along with me and pass along to my son one day.I am a big fan of forums and of networking so I look forward to meeting so many of you online and maybe even get the opportunity to FaceTime or Skype to share professional experiences.I enjoy helping others so if there may be any questions that I can answer for you especially in the area of property management which is a strength of mine, please don't hesitate to ask.