Also, because of my public service job, in 7 yrs ( I'm 3 years in to a 10 yr forgiveness plan for public servants) the balance of the loan will actually be forgiven.

First and foremost, thanks to Bigger Pockets and all it’s wonderful members.A little about my background….I’m active duty military, left home at the ripe age of 18.I have little real estate investing experience.I purchased a double wide 16 years ago.I lived in it for 2 years, rented it out for 5 yrs, then sold it to the neighbor.I didn’t know what I was doing.Several years later, I bought a foreclosure settled on about 7 acres that needed some work.I improved the property while living there.I sold it to a friend for a modest profit 3 years later.Three years ago I purchased the home we currently reside in.Another foreclosure that I got for 15% below market value. 

I have not had any vacancies yet (started purchasing with them 3 years ago) and they are able to meet and in most cases beat the 1% rule.The other companies I have used have morphed over the last 7 yrs and I have decided not to continue investing with them because they can no longer meet my basic requirements for my investments (things like the 1% rule), but outside of this, there service has been good and I still own properties with them.Of the Turnkey properties I own, only one has not made a profit (when considering cashflow only) and in retrospect, this could have been avoided if we had required a better rehab upfront.

I have been remodeling and building homes for over 25 yrs and when you find a Home Designer and a Contractor that has a good working relationship, it will save you money and time in the long run.

As for the screening, we are sticking to our plan and making the initial qualifications well known (3x rent for income, 2 yrs of references, no evictions) and if they are interested they will be required to submit a credit and background check, which they pay for via cozy.Truth be told, we already had people call/email but disappear after qualifications are mentioned.  

Amortization periods can vary from 10 yrs to 25 yrs based on your credit and the credit of the tenant.

Not sure if you open to other options but there’s some lenders who offer a 30 yr fixed (20 to 30) yrs at 80% ltv and 6.75.

Almost 2 yrs ago. 

However if I'm netting an additional $110/mo for 30 yrs that's $39.6K. 

She needs a little more passive income at 55 yrs old.