TK investors generally only buy out of state because price points and rents are not inline to cash flow where they live.Hopefully that property in Memphis produces money for you soon instead of being no cash flow, high headache from afar, and dead equity from the down payment not generating a return each month.  

If a monthly payment of $105 is going to sway you one way or the other you shouldn't be looking at the deal either way.

So, my numbers look like this:$1,580/month income$400 "lease" payment to Owner$80 Lawn/Snow$60 Trash Pickup$90 Water/Sewer$125 Electric$125 Propane for Hot Water$150 Maintenance $250 Property Tax$50 InsuranceShould leave a net cash flow as-is of $250/month.

BUT, it makes me nervous that a tenant could read the law and push his payments to the 14th without any recourse.

Financing assumptions are a 30 year fixed rate mortgage with 4.25% APR and 20% down payment including rehab cost.

Not saying they won't look at your personal credit or income, but mostly on the properties ability to make payments on the loan.  

@Clint Miller question is do you have any down payment ?  

The 4.2% rate was the same as the big bank and the down payment was the same, 25%, but the closing costs were next to nothing.  

I declined the partial payment.

@Justin Turner - you will need to ask the seller if they will take 2nd lien position since you don't have a 50% down payment.