Is there anything else I should consider when assessing this increased risk?

I typically end up with 3-4% cash on cash.I know people are irrational and enamored with home ownership but there's got to be something I'm missing.Who would bother when you can certainly do better in a REIT and in many cases equivalent in a risk free CD @ 3.3% with click of a mouse?

There are more risks involved with this but you can get it done.

@Kate Weinberg That is the risk when you accept such a weak buyer.

And be sure to check with folks other than your family banker (where you carry all your accounts) - you'd be surprised how much price / term shopping can save you on each deal.

I typically end up with 3-4% cash on cash.I know people are irrational and enamored with home ownership but there's got to be something I'm missing.Who would bother when you can certainly do better in a REIT and in many cases equivalent in a risk free CD @ 3.3% with click of a mouse?

But at least you did all the work and took all the risk!

The seller is going to carry the contract for me for the next 6 months.  

And be sure to check with folks other than your family banker (where you carry all your accounts) - you'd be surprised how much price / term shopping can save you on each deal.

Well done on your journey to date - certainly so many people here on BP share your goal of passive income (or at least multiple streams of income) to minimize the risk of leaving their day job.