The top growing markets in the last 2 years are unlikely the most sound choices.

(faster results)While SEO is being worked on, drive traffic to your site/landing pages using  the weapon of your choice (FB ads/PPC/DMM...) spend 1K on marketing.Make one deal.

@Cooper MarcusBetween the self-directed IRA and the Solo 401k, the Solo 401k is usually the better choice if you're eligible. 

@Ann Keefe you can install a sub meter and that would be your safest bet.

That is a personal choice.

You will have a choice of quality tenants to choose from.Jersey City is prime and if you are near the Hudson River it's a score.   

For example, my choice of pest control company is entirely based on referral and/or Google reviews.

My $45,000 costs $300 a month to be in second position and if taxes/ins/expenses are another $400 a month, they are cash flowing $200-300 a month, which obviously only grows as rents increase and my lien looks better and better as the principal decreases.Now, sure, I'm painting a choice scenario...1% rent rule, an investor with that kind of SFR farm...but funny enough...I see more and more of those scenarios existing the more I talk to people.

Cash reserves probably wouldn't have made much difference in this case as it was extreme, but when our tenant (who was in the military) was reassigned 6 months into a two year lease, the same month my wife, who was six months pregnant, lost her job, and after three months we were still without a new tenant, the choice was made for us. 

I’m sure there are other ideas but we’re looking for data-driven choices for this troubling situation.