I'd want a really big deposit, like ten grand.  

For example in Cleveland, Ohio (which I believe to be relatively landlord friendly in the grand scheme of things) we also have to mail interest payments to tenants.

A survey was done on the property prior to closing.The reduction in value of the property without the guest house is ~50k-75k.The deal and project is a grand slam with the guest house.

If it’s a hundred grand you can easily buy a property with him in first position.

If it is Grand Rapids, the tenant will most likely prevail--if they sue you after the fact.) 

The problem I've encountered is that my very first tenant has decided to take care of her 5 grand children Monday thru Friday from 5 am to whatever time the mother can pick them up.

When I turn on the switch, it hums loudly but nothing else.Should I repair, replace, or simply remove the garbage disposal?

finances are on the check mark in my area. running the math I will have either a few hundred grand in savings, stocks, or equity in 1-4 unit property's within a couple years going at my pace. however while I am saving this massive load of cash and sacrificing a great deal to do so.

@Chris ConnollyAs an example it is typical in D areas to buy a multifamily trIplex or quad for 35-55k Say you buy WITH a quad for 50 grand ( which is completely doable ) that rents for 500 bucks per unit , your insurance is around 500$ per year and taxes in these areas on a 3-4000 sq ft house is around 2,200 a yearThats only 2700$ a year In total expenses but your making 24,000$ on the rents . 1,775 $ profit every 30 days .

Phoenix is showing 5,576 STRs holy cow .... so it has nothing to do with the recession I guess, but it's more of a saturated market with declined visitors.Scottsdale is a tourist city ( resorts, golf, sunshine, car shows, football, spring training and a stop over for a lot of people headed to the Grand Canyon).