Looking to purchase property with downpayment

[Samuel S.]

Hello everyone!
My name is Samuel, I'm 24, and married. I found the forum after countless hours of searching through different website like metrobrokers.com, hud.gov, bidselect.com, georgiamls, craigslist.com and more :) for property. Thank you for everyone who contributed their time to make that forum such a great place of advice I'm more looking for a word of advice from some of you, EXPERIENCE people :) I'm in commercial construction, own the company with this year gross sales hitting $1mln. I managed to save up so far $42,000 this year, pay of the car, wedding :) and all credit cards. My wife is working on W-2 and she is the one able to get a loan (I'm 1099, with thought of switching to W-2 next year) I heard a lot of people talking about buying property straight from the bank and bargain for it. I know couple realtors who adviced me to wait for the tax credit to end, when the selling will cool off a bit (I'm first timer). What would you advice me? I live currently with my wife's parents in Atlanta, GA (my father in law working for me) and I'm helping with all the bills. I have couple options. Can buy property for rental and keep living with the parents, buy property that needs some work done on it, fix it up and resell it or buy a house/townhome (something up to $120k), live in it, pay it of in 2 years and than buy something else (having equity already)