I met an investor on the weekend who is cashflow positive and gets his Tenants from Community Housing orgs, such as Housing-Choices-Australia and the DHS . I don't know what he charges, but I presume undesirable tenants means premium pricing at above market rates. More ethical would be compassionate rates ? But not to rent to the less fortunate is certainly not more ethical than to rent to them at premium rates. You may have additional complexities, such as legal issues, evictions, maybe you won't find a real estate agent to be your rental manager. And if you register as a boarding house you may have to fulfill heaps of requirements, such as fire, handicapped etc. In short - its not my cup of tea.
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