I'm hosting and often bring my lawyer's perspective with me to the conversations.We do "Best Deals" and worst deals (we call them "Bad Beats") episodes, and some contract forensics/deal post-mortem episodes as well.The main idea is to learn from both successes and failures.

They have bad credit, but the husband has now worked an ok job for a solid amount of time.

If you choose to get the chain of command involved, understand what you're doing is really highlighting a problem, and not necessarily making leeway towards getting them to pay you...which isn't a bad thing. 

There are no tail winds to speak of to carry you through bad decisions, but good cash flow opportunities exist.  

  $1500 clear after all experiences isn't all that bad for this time in the market for a MF. 

You can invest in a good or bad two family in RI or Mass equally, but having a a 20 minute vs. 1 hour daily commute, or being able to see family multiple times a week vs once or twice a month can be pretty important.So I would say choose between those areas first, then when you're ready to start analyzing specific properties to see if you want to put offers in on any of them, there are a lot of resources here on Bigger Pockets for learning to analyze properties, such as the rental property buy and hold calculator.I don't do a lot of owner occupied purchases for myself at this point so the Conventional 97 is new to me also (and has only been around since Dec 2014) but it looks like there are many pages comparing it to FHA so I'd recommend just spending the time to research the differences a bit.You'd want to make sure that if you use a mortgage broker s/he is licensed in RI and Mass (if you still haven't decided between the two), and I'd say to make sure when you are comparing the two options that you consider all the monthly costs (e.g., including private mortgage insurance payments in addition to the regular monthly principal/interest payment) and that you consider all the up-front costs.

Often the only choice is hard money.

And yes, I immediately changed the basement lock and didn't give the bad tenant a key copy.So, what is the moral of this story and why am I telling it?

That doesn’t seem as bad as I thought to get one started and see if it catches on.

Just figured I would share my thoughts from the other post here as well, had a bad run-in with John himself and I am not happy about how he treated me as a customer.......I had to search high and low to talk to someone after I purchased the product.