I think you hit the nail on the head with this one. 

Run all the worse case scenarios in your head then find a decent real estate attorney to have your back when things get messy.

Just a heads up 

Thanks for the heads up @Zeke Liston. 

I wanted to pop my head up for a sec, just to leave a quick note on something. 

We are also not doing fellow landlords any favors going forward, many of us probably wish we had gotten a heads up from a credit report from a repeat offender however I worry tenants are being conditioned to cash for keys since it is simpler and often cheaper for us. 

I have read so many post my head is swimming.

I buy all my Macs new from apple with the base minimum ram, then head over to OWC Digital for an upgrade.

@Tyler Henry thank you so much for the heads up!!!

If you good enough credit, using a 3% or 5% down payment would be better than an FHA loan.FHA will not lend on homes that need substantial work and has stricter criteria than a conventional loan as to the condition of the property, although conventional will not lend on a total gut/full rehab project either.