We’d love to just keep this home as our first rental property but feel stuck with the high monthly payment due to the 15yr mortgage and the home needing some renovations in the next few years. 

I'm guessing this lender has these two 85% completed specs on their books right now. 

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/filesGood luck.Thank You my brother, this is very helpful!  

Have a good lease and know how to use it.

So for example, I have this property the County did an assessment on and the value came back at $67,800.

This is in-line with the wise old real estate adage of “Marry the house, date the rate.”2.

Credit score is acceptable, he has no evictions, have enough income to cover rent comfortable. but then i am here as it's useful to learn from others experience for this kind of profile and background that I have no experience with.   

2- are there specific markets to look for if one is looking to get into a pre-boom market?

I just spoke with an investor this morning who lives in Lakewood Washington.

Real glad to be a part of this community!