If you are shopping strictly by price, you will likely not do well at all.

I'm a proponent of having the property owned by an LLC.

Still, there are lenders who will qualify you even if your mortgage payment will not be fully absorbed by the projected rental income. 

If not, I would probably consider selling it.If you do hold it, once rates came down by maybe 2% you could refi it and hopefully see cash flow where it was worth refi-ing it.Hard to give a solid answer, but hopefully helped point you through a couple of the hurdles.Randy 

I must have a setting wrong, as I didn't get notified by these.  

No credit score by itself is not necessarily an issue, but it creates a big hole in the information puzzle.

He has talked up the tax benefits that I could take advantage of by making such an investment. 

I also agree always raise rent by minimum of $25 except for rarities such as 1st year of covid.However, I will turn around the statement “A tenant is unlikely to move for $20 a month.” to “it would be a shame to lose an outstanding tenant for $20/month”.  

The house is currently occupied by the people that the bank foreclosed on. 

BiggerPockets has lease agreements here: https://store.biggerpockets.com/products/landlord-forms-by-s...You can also use sites like Rocket Lawyer to help you: https://www.rocketlawyer.com/ If you speak with a lawyer on their site, it may a little more affordable.I hope this helps.