If it is your first, I would also review down payment assistance programs in your county that you could be eligible for.

I think in VA if it's in question, I have to post notice that tenant must notify me in writing within 7 days if they intend to stay and if no response, I can assume it's abandoned and follow next procedures for turnover and security deposit. 

They are all on Social Security, which is good from a regularity standpoint, but if they screw up and miss even one payment, you'll have to evict them, because they will never catch up.Good luck!

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If rents are strong and support your $2400 rental price and you know you could readily secure a replacement tenant at that price, why negotiate?!?

I don't have anything to add other than congrats on taking action and securing your property! 

I provided a 25% down payment to help create some cash flow and did my best to provide documents as quickly as possible to make it easy for the lender to close on the deal.

.- passive investor puts in 30% cash for down payment in return for 40% ownership- deal provider (Me) puts zero cash in but finds, secures and manages the deal, bank financing and 100% of the property management- bank mortgage for 70%- closing costs split 50/50- capital improvements split 50/50- all monthly positive cash flow (profit) as well as 60% property ownership goes to the deal provider (me).- first refinance (year 3-5) get investor's 30% investment out (before I take any equity) so we can do it again! 

I get a judgement and execution and contact the local constable.After a month or two, if they don't pay they get summonsed to a payment hearing.If they don't show, now the constable threatens to arrest them if they don't pay.Just collected 5k judgement doing this.Good luck

For mortgage debt, the following additional requirements must be met:the party making the payments is obligated on the mortgage debt,there are no delinquencies in the most recent 12 months, andthe borrower is not using rental income from the applicable property to qualify.