You are on the right track with evictions and enforcement of the existing leases but it will take time.Do you plan to raise rents above $400?

Using the calculator on an existing property is a little tricky but the numbers I ran show after paying your expenses and setting aside some funds for vacancy, repairs & maintenance, and capital expenses you're still cash flowing slightly under $100/month (even higher if you don't subtract those reserves).

This confirms that it would be acceptable as long as the 50% test is satisfied on the following dates: (i) the “initial valuation date” or the first date on which the corporation makes an investment that is not a short-term investment of funds pending long-term commitment; and (ii) at least one day during each annual valuation period.

Getting a special and start off with low down payment is not as good as you think but if the  the location is important as a consideration, the demand for what you buy property and tenant screening, it's in  growth area, is it located within a diverse area, the parking that is available, do you have deep enough pocket if funds are needed, Do nearby amenities exist, is there any nearby retail stores and what are they and does it fit your ideal tenant, and are there any existing tenants. 

Of course you can also ask a friend or relative for the cash or take money out of an existing asset you have. 

The way I understand it is when you buy a house with an FHA loan, you are committing to living there and buying the property f inor yourself, and therefore cannot rent out the house even if you have been there for a year.

I’m probably very close to whatever the days are (if such a rule exists) so is “close enough” good enough?

I'm looking for a property with an existing auto mechanic or body shop on it ready to go, through foreclosure or Mls.

But you made a commitment and followed through, despite all the negative s*** that came along with it.

@Tracie CablerIn Jersey if you transfer title with an existing mortgage you do incur a transfer tax equal to 0.5% of the mortgage amount.