The point is to give you time to find better financing and reduce your monthly payment.- Rent seems high, but I don't know what market this is in.

This would reduce your tax bill and build a tax-deferred account of funds that can be used for future investment.

Also the roof has water leaks and the current accepted fix is to put kool seal on it to both reduce cost of power and fix the leak but im skeptical this is all it needs and am thinking the entire roof will need to be sealed with a new roof or roof cap to truly fix it and not just put a bandaid on it for the ceiling and dont know where to start with the walls but the lot is too much of a deal closer not to get it since even a new trailer would be worth it in this lot its just not an option right now. if the costs are going to be more then the acre private lot is worth please let me know.

Getting $50-100 a month extra is great, but reducing turn overs and maintenance problems will prove to be more profitable in the long run.The dishwasher idea is great where applicable.  

You can't imagine how many investors I worked with where they simply left closing costs(title costs, lender fees) out of basis calculation.2) Inform you of any strategies to reduce your tax liability.Most real estate Investors file the following forms(individual Level) just in case you had time to read some instructionsSchedule E - to report your rental incomeForm 4562 - To report/calculate depreciation expense on your tax returnForm 8582 - to report any losses that are suspended if your income is above $100,000

Also, to add... one way to reduce risk in this niche is through experience.

@Michael Plante This can create some odd situations that reduce your leverage as a landlord.

I was hoping to buy a primary property and airbnb or rent the other rooms to reduce costs and build equity in something (point is to not waste money renting).

Peer into the house - what you see is what your house will be.Don't beat yourself up too badly - everyone has rented to a bad tenant (or will someday) - just learn a LOT from the experience to greatly reduce your chances of doing the same again.

Your $1450/MO housing DTI PLUS the $1,500/MO in consumer debt would put your Total DTI well over 41% ($1,450+$1,500=$2,950 or 59% total DTI), so they would reduce the amount of mortgage approved to keep you under that 41% total DTI.