To have a steady, dependable income, you need what I call a reliable tenant.

It would boost your income, help your lending profile for the next deal, and would keep things far more predictable than Airbnb.Airbnb can work, but it adds layers of regulation, seasonality, and management headaches that many investors often underestimate.  

Passive income is not difficult, tricky or unusual at all. 

Assuming cash flow is sufficient for your goals, you have high confidence in your income and vacancy projections, and a high confidence in the HOA not changing the existing restrictions, I don't see anything else that should give you second thought, based on what you've shared here. 

I have found a property that has good COC and a potential of 10% cap rate but is in a low income and higher crime area of the city.

Fixed incomes in this high cost living enviorment is hurting a good chunk right now.

Is this return too low??? 

Move where you can find the best job/income relative to the cost of living in that area.

Charlotte > Houston and PhiladelphiaA lot of fortune 500 companies are building new offices in Charlotte.Weather is greatThe state tax rate is decreasing(and overall considered low)The city has a high end airportCharlotte, in my opinion, has the opportunity to be a large city(maybe not on the level of NYC, LA, San Francisco) but just a level below.

Hey @Scott Green,From a tax perspective, keeping your mortgage might still work in your favor since the interest is deductible against your rental income, lowering your taxable income.