When starting out, if you have the funds yourself, you will take greater risk but have greater upside.

I’ll take the median area income and multiply it by .3.  

I am not able to take equity out of my condo because it is currently on the blacklist due to HOA fixing the roofing and a Fannie Mae rule stating, if more then 50% of the condos in that community are owned by investors, I may not be able to refi.

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

I don't know why anyone would take a chance on having a serial killer under their roof.

Generally all months other than Sep-Nov are profitable. 

It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.Mike

How long did it take and what's next? 

Just one month of vacancy a year takes away any cashflow you would have. 

Happy to take a deeper look.