Other things to consider: if seller files bankruptcy, divorce, or has judgements they will stick on the house and can be recovered by many sources- as in you lose.VA and FHA are the only assumable loans.

High crime + low income = Poor tenants to choose from.  

I've posted extensively about coastal Oregon vacation rentals and their challenges and production potential, typically a strong STR will generate roughly 10% of valuation in gross annual income. 

Don't forget about loss of income/rent...that being said this is a very broad question and I'm not certain if you think you have too much coverage or it costs too much or both...

We aren't necessarily concerned about a monthly profit on our first 10 or so as we are thinking these would be held for at least 10 years.So, a question we have about 2 houses - House # 1-smaller,good area new roof, new window, no basement, no garage, monthly income $140, $6000 left in debt to heloc..........House #2 - larger 4 bed, 2 bath, forclosure, estimated rehab 40k, estimated monthly income zero, zero debt to heloc........ higher value home.  

I am glad you mentioned to lending aspect of not having the W2 income.

It connects my airbnb and VRBO calendars, offers automated messaging, smart lock integration, cleaning calendar/reminders, and offers pretty good income reports.

f you're in a good spot with your rental income and keeping a reliable tenant is more important to you, dropping the rent to $2200 might be worth it.

The question you should be asking is1) What type of liability exposure would I be generating and will an LLC or Corp be suited for that.If you don't plan to own the property, I can't anticipate a piece of paper causing much liability, if any at all.2) What type of income would the tax liens be generating and would an LLC or corp minimize the taxes.

If the properties are split into more than one LLC, then each LLC will need its own accounts.Checking: collect all income here, then use it to pay bills.