I will make sure I have reserves and can comfortably pay the mortgage.Okay so that's all great.

Not our first choice in neighborhoods, but the schools are top notch and it's a very safe and comfortable place to live.

@Beau Blinder You have been helpful and it's always comforting to speak with other landlords and get ideas of how more seasoned owners deal with difficult tenants. 

I can also think of several  why you want to be duly diligent on the purchase side.I'd find out what I could about the building and the circumstances, talk to some  tenants, call the property manager, if there is one, get the sellers story and the P&L - not the proforma, then make the offer you are comfortable with.Best,CJ Pilon

The basics are the same though worldwide, so that is comforting :)Buying with creative financing, owner financing, wholesaling and flipping, even foreclosures (bank owned properties.)

I will also be owner occupying and want to be comfortable but don't want to over do renovations.

As a female she is going to want a certain "class" of roommates so she feels the most comfortable in her own home.

They will then give a price and we can go from there, or they will get excited and say are you crazy or some such thing, and I will say of course I don't expect to get that price but if your willing to pay that much I'm willing to take it of course, now tell me what do you think is a fair price, what would you be willing to take if you were in my shoes?

Elizabeth Colegrove I did ask my coworker if he'll consider renting the place, but he was not comfortable w/ the idea.

Once I am comfortable with the model, I backtest it and then I use it personnaly and tweak it as necessary.