I have this ideal tenant who is very stable with job and his family moved in last year.

They both require 2yrs of 1099 income for it to be considered “stable” for qualification purposes.If you choose to pursue, possibly check out a local community bank or find a mortgage lender who offers Caliber Home Loans or SG Capitals products.

I have stable job with decent salary and excellent credit.

Loans over $1M on stable properties may qualify for fannie mae/Freddie Mac. 30 year am, 10 year fixed. 3.75%+2.

Even two people both on $10 an hour jobs can afford to live or buy houses in many parts of town, so it may keep the areas working class, but at least it's stable jobs that can clean up some of the vacant buildings. 

Just make sure you buy right and are in a location that will remain stable at worst. 

Lets just say that I have a friend who has a very stable job, makes a good salary, has been at the same company for many years, has great credit and is extremely stabile. 

Leominster is an excellent commuter location to 495 based jobs and has a stable economy based mostly on publicly traded strip mall type businesses, plenty of restaurants and increasing rents.  

Obviously getting them furnished and hiring people to do the turnover would be a challenge but definitely scaleable.Once that is up and running and you have your stable W-2 I would recommend house hacking like I recommend it to anyone.

I've looked all over the country for a city that I could invest long term in and Kansas City & Indianapolis definitely came up on the top, especially if you're looking for more stable cash flow.