It took a few months, but it got completed as an excellent rehab to rental and has been steadily rented.

If it doesn't look like it is going to work then you can try to convert it to a LTR to cover the carrying costs or sell it.All that being said since you're on this site and asking good questions I'm assuming you are saving a good amount of money now and have excellent credit.

They claim to be tenant advocates, but with the false habitability claims and their income scheme it sure appears to be an anti-landlord group than a pro-tenant group.I used to have 3-4 evictions a year, but have been better about tenant selection for the last few years, and am a better negotiator to get them out before filing eviction, though the booming economy for the last decade doesn't hurt either as tenants can all be employed if they choose to be.

@Wyatt Franta, Just noticed one small changed needed in your excellent post. 

Can somebody who is not self employed, has a lot of equity, excellent credit, no debt and 30 thousand in savings but can only prove very little income because the majority of their income comes from tips, do a cash out refinance?

@Kade Eiguren excellent!

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I just bought my first duplex in north city. 5 months in and its been excellent.

Compared to our other portfolios I prefer Cleveland based on the yield, ability to operate, great selection across classes (A-F), changing national reputation, price points, and the fact that I simply like going there (I live in Boston). 

, would need a good to great score to qualify, 21-30 day closeCons: slightly higher down payment, slightly higher interest rate unless your credit score is excellent PMI staying on mortgage payment is the worst drawback of FHA but you can always refi into a conventional if you only qualify for FHA right now.