I purchased a property where there was a verbal lease, month-to-month, 0 security deposit, and the rent was 1/2 of the market rate... some instances you're better off having the seller evict 1st.

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

On the surface, it seems like it meets a lot of broad criteria for being a positive investment, including a positive cash flow at a currently high interest rate, but I don't want to miss on my first step into this.

I've got at 2.29% rate on the current primary and a mortgage payment all in of about $2600.

Obviously, you don't want to have a high interest rate locked in, but if it is the only way to close on an otherwise good deal, the short term cost may be worth it.

You should probably place more equity in this deal and refi once rates drop or sell it if you can't take the cashflow losses.

It's worth considering the credit rating of an insurance company and how long they've been in business. 

Three years ago, my wife and I purchased a duplex with a 3.25% interest rate.

We are looking for properties in a B or C area with a B or C rating and most importantly, the investment property should have a value-add capability.Ideally, we are looking at properties between 50 and 200 units but if close enough and a win-win, we will to take a look.Contact me if you are a serious seller or Seller Broker/Agent.

This is because FHA loans are assumable, which means that a potential buyer is willing to pay a higher price for a home if they can take over the existing low-interest rate mortgage.