If the appraiser believes the income approach is necessary for credible assignment results, then the income approach must be included.

2) Do I include my assignment fee inside that 70% rule or does this come out at closing?

1000 to 1200 maybe OK you get more ratios that are better than that on paper your going to go into high risk areas .. just saying.

We face a dilemma as we embark on this venture with a clear business perspective, committed to implementing best practices in property management from the start, including engaging professional property managers.

(personally, I use a brokerage account so I can get the pretty risk-free 5.25% in a money market fund that is completely liquid).To be blunt, if you really are limited in funds... 

I also agree with what others have said, if they really could get 200% returns in such a short period with acceptable risk, they would have investors beating down their door.

Current water lien law may not be relevant since you bought before 36-60-17 was amended to include that limitation.What does local law say about lien duration for water? 

In all, we were able to do a cash-out refinance after 1 year and got our entire investment, including down payment, back into our personal accounts and we still have a cash flowing property.The beauty of smaller town and communities is that often big-time investors are not looking at them as closely and they can cash flow quite well, at the sacrifice of "natural" appreciation.

@Star ReidAll of these are high risk / high interest optionsCan you house hack instead?

As part of my current situation, a nice lead generating platform is included in my MLS dues so I would like to keep that.