Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I'm looking to apply for a loan and possibly use the Home Possible program with 5% down to purchase a duplex property to live in and rent out the other unit. 

@Cody EvansI would say your next play depends on how involved you want to be and what your strategy is.

Seems like a lot of these go back to City of Dallas for their landbanking program.   

One thing I have seen too for looking for potential lenders was looking at the list of approved lenders in the Maryland Mortgage Program on maryland.gov's website. 

"Real Estate Commission Rebate Program"Pre-arranged and in place for pre-approved borrower/buyer clientsGood Faith Bid for a Purchase Price of: $500,000Listing Pays: 3%= $15,000 / Rebate to Buyer: $12,000Rebate to be credited at closing as follows: Closing Cost                         $ 8,000Home Warranty                  $ 500Attorney Representation  $ 700 New Flooring$New Window Treatments$New Windows$New A/C System $New Appliances                   $2,800Hurricane Generator$ Other: $_______________________________                                    $ 12,000 Rebate TO BUYER

With $250k cash it sounds like you are going to do the 20% down program. 

., Arms length to avoid a step transaction would involve retail sales which would cause a recognition of gain anyway. 

I’ve been coming across some condos in tourist type areas that you can purchase as a condo but can be put on a rental program to be rented out when it’s not being used by the owner.

It looks like this is a New York State program.