If we ran out real estate businesses like the IRS ran their B.S. we'd be run out of town. 

The unit was wrecked but I was sold a rehab project that would be much more expensive so that the unit could be converted into a bigger living space; the idea being that we could get more rent out of it (close to $1200 vs. $800/mo).The rehab was supposed to take ~ 3mo.

With housing prices skyrocketing, the increasing cost of raw components and lumber, and labor shortages, the idea of owning a piece of income property is just not in the cards anymore for many individuals.

Make sure you can handle the unexpected aspects of doing business as a landlord financially and with good business sense.

Excellent ideas. 

From a business perspective, that is moot point. 

This was actually my bankers idea once upon a time.

I had no idea that buyers were purchasing these homes with subprime mortgages.

This is not an exhaustive explanation, but hopefully, it gives you an idea of the market These lenders are in.

Whatever happens to us in this business is OUR own fault!