I once had a tenant cut out a 6x2 sq ft section of drywall to mount an aquarium in the living room wall.

Regardless, while your opinion that this could be a short cut, here in CA it is common, if not typical to do a second layer before stripping, the is no downside and it is not considered a "short cut" here.

My husband has started a new job that takes all his time and I am just not cut out to be a low income landlord by myself.

The major problems we see are that condo boards can choose to turn the complex into rental restricted with enough votes (meaning no rentals or only percentage can be rentals), special assessments or raises in condo fees could kill profit potential, and losing FHA eligibility could cut sales potential in the future if you'd rather sell than rent.

Really.....Or why there are so many trying to do any deal with others......because they can't cut the mustard themselves without enlisting others to work under them.....wake up!

(not to be confused with the borrower's amortization or term) In other words if you have to strike the deal at $70k, you will want to cut your investment term down by working with the borrower to refinance the entire 'new' balance before the 120 period maturity or somehow pay you in full (they could sell the property, too).

Over the last 18 months, we refi'd 2 of our properties, cut back on our own housing costs (for us, meant buying a condo versus continuing to rent near DC) and are saving $1000/month just with those moves.

I pay for garbage removal in my water bill, in which I asked about garbage when the water was cut on, and I was told that garbage removal was every Wednesday and recycling every other week.  

But be mindful that those things really cut down your tenant pool in low income/low education areas.The house looks great and it's going to be a better renting season soon!

These are things that often get overlooked and can really cut into your budget!