I assure you far worse hardship is ahead, so if you can't be patient and persistent to power through this, then you shouldn't get in the business.My recommendations are:1.

Be patient or see if he will lower price and or interest rate until it cash flows.

While this poses challenges for finding GREAT deals, there are opportunities if you are patient.

However, I also don't carry debt except for my personal home and investments, I don't live paycheck-to-paycheck, and my properties are cash-flowing well enough that I could divert all income to handle the problem.The point is, you have to sit down and assess your position personally and with your investments and determine what kind of safety net you need.

Jax isn’t exactly Miami but we have world class medical care and families of let’s say a cancer patient that travelled for care need lower costs options for lodging than a hotel.  

In the UK if the house has 5 or more tenants then we need a special license and have to abide by all these different safety regulations that can be costly.

It's hard to pass this one by, but I will try to stay patient. 

I would do it not because I dislike the PMI but the value from being patient and only going after what is truly perfect for you well outweighs anything else.

You'll need roughly .90% of the monthly gross rents to be higher than your entire monthly PITI payment (prin/interest/taxes/insurance monthly) which is near impossible to do in Ventura county even if you buy extremely distressed but then FHA wont finance you (probably) due to min health and safety requirements with FHA (unless if you do a 203k FHA rehab loan but thats another discussion).The only way to combat the FHA SS rule is to put more money down which negates the benefit of 3.5% down FHA loan, find ways to decrease your monthly payment like rate buy downs, use of FHA 5/1 ARM instead of 30 year fixed, get lower insurance quotes, or to increase the rental income (either or).

For safety reasons this should be plumbed correctly so as not scold someone’s hands accidently.