Check with your lender what your new payment would be on the existing and what that would allow you to afford on your next purchase.You can still do an owner-occupied loan up to 4 units but if you're using your FHA/VA loan you'll have to go conventional 5-10% down. 

You need to have a strong boots on the ground team that you trust for OOS investing to work. https://www.biggerpockets.com/forums/48/topics/1165499-whats.Feel free to DM me, if you have further questions.

But it does happen. the major risk is to the person you bought the home from. its their credit at risk.and of course if you put any down payment that would be at risk as well if things got bad.when you go into these deals you need to know if the bank does call the note that you can refinance and pay it all off or you have the cash to retire the loan.. anything short of that and your at risk .

On the other extreme, for a (median) $382,650 purchase, rented at $1,400 /month rent, a mortgage at 0% down, 5% interest fixed for 30 years, the interest payment alone starts at $1,594 / month.

I JUST want a payment collection tool.

The only CAP rates I trust are my own. 

You should still expect to be bring down at least 20% down payment even with a value add situation if you are new to the game.

The tenant can only be required to move out at the end of a rental period (the day before a rental payment is due).

Curious how you vetted your tennats when you replaced them to avoid late/no payments

“In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment.