It was a huge attempt to shift risk, in the form of ARMs and especially pay option ARMs from the lenders to the borrowers.

I always recommend to people just starting out to go out and find deals for other investors - it allows you to get the experience and learn hands on without taking all the risk.

Based on Jon's analysis: The ROI is way to low expecially when you consider your primary is at risk with an HELOC.You might consider bringing on a partner that has the cash or has a 401K.

You probably won't want to do it yourself you run the risk of getting bit by one and bats are a cesspool of infectious diseases like rabies.

Why would an agent not present your offer, risking losing their license, listings, reputation?

My only problem with either is that I'm broke and the risk of tenents not paying is scary.

I haven't had too much trouble finding financing, but am in a position where I have very good credit and cash on-hand, so I'm reasonably low-risk.

I thought that I was limiting myself to that, that I was mitigating risk.

First, I would turn off my listing, you are not in a position to provide a quality experience for any guest at the moment and will run the risk of stacking up negative reviews if you continue in this state of flux.  

@Angelo Caruso my only advice is quad will obviously lower risk a little because instead of one renter, assuming you are occupying, you will have 3.