By the time you factor in taxes, insurance, vacancy, reparis there is very little left, and you are hurting your debt ratio and ability to do deals that make money unless you are a doctor, executive or make a boat load of money monthly and do not have to worry about DTI (Debt to Income Ration) which lenders use to determine credit worthiness.  

Ryan,That's a loaded question.

And if you're not using FHA and have loads of cash, you will have better odds..

What a loaded question.

As a matter of fact I had to load everything out of the house the day before they started moving in. 

“Your guns not even loaded,” was the idiots reply.

BIG ONE HERE.Our state, (Calif) has the following ruling on deposits, 10% or $1000, whichever is LESS.Our state also has a clause for requiring contracts, I believe it to be they must be in writing when over $600, verbal contracts for less must include 3 parties.I've seen handwritten quotes I can barely read, make sure you know the extent of the job, and potential unforeseen issues.Fires, (electrical) don't just happen, they are created, and often times take awhile to show themselves.A good tradesman is worth his weight in Gold, we are all just trying to make a living, if you want cheap, you'll get cheap.

Plus there is a homestead site that i can buy for $20G/ 10 ac with a mobile and loaded with apple trees, plus another peice i can aquire across the road thro and owner finance.

Gas & Electric were disconnected, but no recourse to me.Back to the subject:  Invoice the late fee and send with it the "3-day pay or quit" (consider even using the normal Registered Mail to give it some weight). 

Fixed vs Arm is a problem, but you can Google for Load Amortization Table and just look it up.