By understanding this I could adjust my income and see the probability of me losing one or more income streams and how it changed my ability to service my expenses.

Probably making an offer today based on this analysis. 

Success rates with collection agencies are extremely low, probably around 10 - 15%.In both cases, you are unlikely to get any money.

There is a BP book on investing with low or no money down you probably want to read.I also recommend practicing with the real estate calculators - getting the math right is the key to a “good deal”.Feel free to contact me with any questions or post them in the appropriate forum - the community here is great.

But I gotta agree with @Christian Allen....if you have an opportunity to house hack with an FHA loan at 3.5% down....it's probably worth the effort at this point in your career.

Account Closed I see it is your first post so welcome to BP.I think that is probably a deal.

Both are probably correct. 

I’ll probably give them a 60 day notice for an increase to $1150 per month.  

My husband can renovate it himself (he did the rest of the house), but if we buy a new home we won’t have the cash to do it until probably next spring. 

My thought would be that you could probably buy a smaller mini or maxi storage facility and self-manage it.