One thought is to let your current tenant know you are going to raise the rent because you're updating the units.

I'm now trying to finance the property to take as much cash as possible out, but my mortgage broker is telling me that because I don't have a regular job I won't be able to get the mortgage.

Is a regular townhome or a condo better to start off?

Wanted to give a quick update on this situation.

Many sellers can't afford to fix a place to sell, you'll find these in expired listings, the property has significant or updating issues and they can't sell.

Update.

I've sent email updates as payments were due/missed and also when I received another insurance cancellation notice.

The interest is regular income, the longer you hold the obligation the more you make and are taxed. :)

While I agree that a good property manager is a must, as @Chris Clothier mentioned it's still imperative that you visit the property regularly to ensure that your interests are being looked after, and this alone eats considerably into your cash flow, not to mention your time and energy.

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