Our seller was motivated and not many buyers, plus the bank knew if we defaulted, the seller would take it back.Gino

My agent ended up with me by default, because 4 or 5 others never bothered doing any follow-up. 

We have a defaulted partnership tax status. 

Matt for napkin math first thing I like to do is look at the Median for the whole MSAso lets say KC the median price point for the entire area is 150k.. which is a WAG on my part but I bet its close in reality.I then know that homeowners are buying basically 130k and up and that landlords are buying 120k and below.. and then know that 30k or 40k is the cheapest area of town and will then by LOGIC and default have the worst tenants in the MSA.. now granted there can be some nice folks there but as general rule birds of a feather.And then I know that Higher end properties are going to rent for more.. and then we do know that its a rule of thumb that you must have 3X rent to qualify for a rental in most markets.. so we want our tenant to have enough for rent and enough to live on .So in my mind I would be looking much closer towards the MSA than I would be the cheapest home in an area.

Their reasoning tends to be if they take back the property on a defaulted mortgage they will not be managing themselves so will not underwrite it that way for evaluation purposes.If this seller gave you a master lease or an option period before you buy and close on it with no personal guarantee then you might gain valuable experience and could walk away if it does not work out.

A complete solution is preferred IMO.I also do not know Duchess county so take this worth a grain of salt (default to your agent they will know the market).

They are also REALLY serious about the 6 person occupancy limit. https://www.austintexas.gov/sites/default/files/files/Code_Compliance/STRs/Revised_Ordinance.pdf

These are times when you need a GOOD Commercial Attorney to look at for you to make sure you are not already in default of a non-monetary term.   

I defaulted in March.

Most of the time these aren't "tenants by choice" (people who appreciate the flexibility, etc) but "tenants by default" because they cannot get a mortgage.