If the tenants have to move, you might be able to get some sort of help from your insurance company on loss of rent?

That translated to a loss of roughly 85,000 jobs -- and home prices went down with them.

Lets say I get 3 out of the 5 to move in at 1100$ thats 3,300 a month in rent leaving me at a loss of $1,100 a month.

.), just be careful, the IRS expects you to make a profit in 3 out of any 5 years and they are quick to label those that do not meet this requirement as a "hobby" and then none of your losses are deductible.

I filed for bankruptcy (job loss) before and have been  scared of taking on so much debt even with the leverage ever since.

As a result we our running at a net loss for 2016 from the rehab costs. 

The independent status back then, had to due with (who provides FOOD/SHELTER & LIVING/SCHOOL  expenses) for the student.

Just a little food for thought.Happy Investing...

For each partnership LLC, a schedule K-1 will provide the net LLC income (loss) that passes through to your personal income tax return.  

You could cashflow for 4 years, but if you sell afterward and all comps in your same building haven't sold above 40k, you gain cashflow for those years minus the 22k loss you would take to sell the unit.