What my wife and I do when we like a tenant, but they don't make enough, is that we "mitigate" that risk by asking for an amount equal to two times monthly rent.

I make it equal to the security deposit amount.

A lease option fee of anywhere from zero to a few grand, then a monthly amount roughly equal to what typical rent would be.

They give me a nonrefundable deposit to hold the place equal to the security deposit.

Other things being equal, a 4th bedroom is worth $100 more per month, a 5th bedroom is worth an additional $100 to folks that need it, mostly Section 8 renters.

(About $455/month P&I, $672 or so with PITI)3) Full asking price of $105 with $20,000 down and the remaining $85,000 in equally divided payment over 240 months.

You'll get all the references you need, good or bad - equally valuable.

It is vital you know the local rules.

Nor does it fit my market, where rehab costs often equal the house price.I was thinking of targeting $60k total comp

I have lots of experience in front of judges with leases, and occasionally see other people get in trouble in court with goof-ball one or two page leases that miss vital points that the landlord really didn't think would be an issue when the lease was signed.