What do you think the opinions would be of most Realtors who got a license and are trying to play by the rules?

Schedule E helps of course.Verify the gross incomecalculate the property taxes that you will pay when the property is re-assessed after the saleGet a few new insurance quotes because it normally increases for new owners if your lender requires windstorm coverageAdd a management feeuse the 50% rule to quickly look at deals to estimate a cap quickly

By Matt's logic and the 1/100 rule, in theory, I more than doubled my chances for a successful deal.

The rules are probably different everywhere I guess.

Since you mentioned the expected cash flow of your house, I'd encourage you to look into various perspectives regarding the 50% rule.

. $76k is already considered a debt against you regardless if you use it or not.Say you use another $20k from your $76k to buy a second property, the same rule as above applies.

Do I fall under the owner exception rule?

WARNING WHINNING SESSION TO START: (Break out the violins) Every time come up w/ an idea to try to get out of the rat race there's always some weird rule that get's in the way.

The amount of any downpayment required is determined by the lender's underwriting rules, and they may vary from lender to lender.

You should post the 3-day notice to pay or vacate quickly - preferably no later than 1 week late.The tenant has to follow your rules.