At $750k purchase price, you are at 5x your gross income, which in most markets is very high.

I hope we can organize and find ways to fight this gross violation of our rights, all the way to the supreme court if necessary.  

@William Moya, 5600 + 3500 = 9100, or about 11% of your gross income already.  

I will take a wild guess and say that property management companies charge 6% to 9% for monthly fees for management and collecting the rents and additional fees may increase the total costs to 9% to 11% of the gross rental income.

If you find a property, check for comps on AirBNB and VRBO to see what others are renting for and how much vacancy they have, then you can estimate your gross income.

@Kristopher Kyzar - Your $19,900 gross profit was before commissions and other costs to close?  

Oftentimes you will be able to get approved for more home because 75% of the gross rents of the units you don't occupy count toward your debt to income ratio. 

Out of curiosity, on that link I posted previously, there are two sections: Total gross income (worldwide) and California adjusted gross incomehttps://www.ftb.ca.gov/file/pe... come as a non resident, California would be concerned about my worldwide income? 

Why give away 20% gross revenue when you can self manage and enjoy great returns?

So 40% of gross rents at least and that will keep U from cutting checks.