You also need to make sure you get the tenant's deposit (in full) transferred to you at closing along with prorated rent. 

Rent is 1800 and HOA is 400property 2: paid 280, owe 370, worth 500.

After you Rent and are ready to refinance, how do you work it so it doesn't go against your 10 maximum personal loans you are allowed to have?  

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties. 

It seems a more truthful approach is to help them sell their property and avoid the credit hit a foreclosure will produce since you are trying to buy the property (to flip or rent) rather than help them stay in their home.

I rented out the second room. 

@Sonja Montielh so, you're moving into a new primary and renting out your previous home, which happens to be a condo?

First-time renting my home.

The Rent-to-Value Ratio, a critical metric where monthly rent divided by purchase price should ideally exceed 1% for sustainable cash flow post-expenses. 

The property currently has two rental houses on it that we have rented out.