“working with the first tenants to pick something they’d like”
– Sounds like a recipe for disaster. You should be purchasing property that meets your financial needs. That may not align wiht the tentants’ needs.
Also, if you are doing this, it means that you have an existing relationship with the first tentants. So, they are either related to you or friends with you. I don;t recommend that your first venture into landlording be encumbered by that.
– You should expect to put 25% down.
– Easiest qualifying is if you don;t need the rental income to meet qualification thresholds. You may run into a chicken and egg problem with rental income being needed, buit not documentable prior to closing.
