If you're pulling equity at 7%+ to buy something that cash flows at 6-8%, you're basically breaking even or worse.

@Leto McElveen you still need to do your basics. 

Even basic bathroom refreshes (vanity, fixtures, lighting, paint, GFCI) can run $4k–$6k per bath if you’re not doing all the labor yourself.

Unfortunately, with long term rentals, this basically won't work in the short term, because all of the cash flow is going to be going back into the property.  

And for essentials, those usually mean basics like sheets and towels, which I believe you do provide since they are visible in your photos.Hope these suggestions help.

Essentially, they handle tenant placement, rent collection, and basic maintenance coordination, so you don’t necessarily have to hire a separate property manager for the usual tasks.

In addition to the notice that is on the back of the application regarding "renting as is, no additional cleaning or repairs without written approval of PM" and other caveats, I also explain the actual process, basic factors for approval, the documentation they need to provide, cost and payment method for application and for move in should they be approved.If they have not followed all of the instructions, people with poor attitude and that are non-compliant are not a protected class  under fair housing, and they may be disqualified.

The homes are a little over 100 years old, held together by duct tape and paint and would really need a complete rehab to the tune of $70/sqft (which is basically what they are worth in total).

What I like about this book is it helps you start thinking like a finance-minded investor (constantly ask yourself if your money is being put to its best use, what else it could be earning if deployed differently, etc.).If you're interested in commercial real estate, James Nelson's The Insider's Edge to Real Estate Investing is a great introduction, because it teaches the foundational concepts of terminology of CRE.

I tried emailed the creditors asking for forgiveness and was basically told to kick rocks.