If you miss a payment or two and the bank realizes you don't live there, though, they could call the loan due.

Just wanted to reach out to this to see what I'm missing.

However, if your inspection were to uncover a few items missed in your initial walkthrough, such as a soft spot in subflooring or an electrical issue, it’s a lot easier to ask for $1,000 here or there compared to a complete $30,000-$50,000+ rehab.The obvious answer is yes, bring your general contractor with you during the initial tour.

Is there other steps I am missing when researching a certain state / area?

The good:His credit report shows zero missed paymentsHis girlfriend's father is our handyman and one of his previous landlordsHe has been at his job since 2006The bad:He already asked to use some of the storage space to store gear for his hobbiesHe just took out a loan for 105k for a boat (also 10k owed on car, makes 50k/yr)He asked to store the boat on the propertySo far I have said ok to storing the gear, but need to establish some ground rules (looking for advice here too). 

That person clearly is not doing there job or is missing from the equation. 

In terms of cashflow, it appears that you are missing real estate taxes and insurance from the expense listing. 

@Jenny Bayon I hear ya and I certainly don't miss CA MFR. 

I miss it a lot!

I feel like my financing is squared away, have contractors ready, only thing missing is the project home.