I agree with Andrew - don't have your new tenants sign a lease until you've had some time to experience them as tenants.

@Joey Newton I agree that it depends on the area. 

I would agree with @Mike Burkett a portfolio loan without tax returns might be tough. 

Is there anyone attempting to work with their local housing agency or housing authority to receive a property tax exemption in exchange for agreeing to rent your single family house based on some sort of income restriction?

I don't agree you should kick your partners out. 

Your numbers look pretty good, but I would also agree with @Ibn Abney. 

You’ve got to find a way to bring more value to the marketplace  Agreed, use that savings to increase your W2 income.

I am not sure if I am just worrying more because it would be my first rental because if that is the case ill continuously stop myself and gotta get over the hump sometime, i just don't want to jump in on a bad deal and sabotage myself from the start.As far as the rough part of town its in a small town in Vermont, so "rough part" is not the same here as in other areas of the country. 

I agree there's a wealth of information to gain from PMs and their websites once we have narrowed down the zip and maybe even neighborhood.By the way, what do mean by using "Zillow and Rentometer for spreadsheet work"?

I agree with @Scott Harper, I used to live in Florida and was a member of the CFRI group - you can meet some good folks there, but they do heavily promote gurus and classes - so just skip all that and listen, learn and utilize Bigger Pockets - with none of the Hype!