After we live there for the minimum time allotment required by anowner-occupied loan (1 year?)

Again, this is risky, just be sure you can pay it off in the time allotted before the promo ends.

However, I must caution against doing this without a plan to pay it back within the allotted time frame, or the higher interest rate would prevail.  

But the above post is right: purchase price, less allotment for land cost, plus closing costs and costs to make rent ready.

You will get allot of naysayers but it helps thicken the skin and worth it if you find one good person.The advise that @Eric Gardiner and @Jody Schnurrenberger give about working in the industry is excellent.

I'm also an extrovert and am rarely happy with the amount of networking time allotted, but that may just be me. 

Let’s assume the house appraised for $200,000 then she can deduct the annual $14,000 allotment and file a gift tax form $186,000.

We both work but don't make allot of money.

Thanks for your input means allot. 

We plan to put down the minimum 3.5% (FHA) and are allotting 2.5% for closing costs and  the 3% for fixing a few things in our personal unit to make it a bit nicer for us.