We did a living flip once, and I am sure I can do it again.

[Dale Holder]

Hello BP, I am trying to moving into a cheap home under $200,000. So I can flip or rent at some point. I live in Durham Region, Ontario Canada, and I am trying to keep my wife and kids happy by staying close to grandma and granddad.

I was told I should get into a lease home that I can after two years own; live-in-Flip, live-in-then-rent or a house hack. I need some sold advice but me and my wife are self-employed less than two years and just at two years on a fulltime basis. 

Or I will have to downsize in rental unit from a three bedroom to a two so we can save more. 

Any advice on this matter will be most appreciated. 

[Geordy Rostad]

@Dale Holder

If I could go back and time and do it over, I would have purchased and moved into a 2-4 unit property and used the advantages of owner-occupancy to make the deal work. I didn't realize I could use the rental income to juice my DTI and qualify for a more expensive property. When I bought my little house for $200k, I probably could have bought a 4-plex for $300k instead.

Life would be different now. Sounds like you are standing face to face with a similar opportunity. Maybe look for a house with a second kitchen at least?

Perhaps look for something with seller financing?

How short of 2 years work history are you? There's no shame in saving up more money to put down and waiting a bit until it's easier to qualify.

Lease options can be hard to convert to purchases sometimes but I've seen it done.