Rick Martinez , Jim Adrian is correct about egress and has a point with specific size... easiest way to find out is to call code enforcement.

wait, you didn't list the prosthe risks you mentioned are correct, but can be mitigated and not nearly as bad as you said. you "risking it all" isn't really correct, market drops are temporary, you can get your money back out (and more) using BRRRonly focusing on the downside is a hard way to get ahead.

He goes into great depth on the different phases of your business and where you should be focusing your time and energy at each phase.Hope this helps.If you have the ability to get 30 yr mortgage, then thats the correct approach for your phase. 

You could try going down there without a notice just to see if you can communicate with the tenant.

@Jon Ostojic  first I suggest you make sure the location is good and that the actual rents and occupancy are correct and verified. 

LOL.. those are legal docs that need to be done correctly and some of those guys have nice groups all put together with a cadre of investors ready to rock and roll.

My tenant was late on payment of rent and then went silent with communication.

If done correctly you'll never have to worry about it, just make sure all the penetrations are flashed appropriately so you don't have leaks seeping in.

Hi Whitney, Welcome to BP, you are correct that is my goal as well (quite my job that I have a higher ed degree to do).

If you are looking for appreciation and monthly income try again in a couple of years after we have a small correction.