Hi Jason, The first time home-buyer program would apply if your wifes income was able to carry the loan from a debt to income ratio standpoint.

Look at new construction triplex/duplex condo sales in the heights areas, subtract carrying cost over build timeline, materials, labor and construction costs, what their desired profit in heights deals would be and that would leave you with approximate acquisition cost of the lot. 

Mortgage rates are much better versus Helocs due to Heloc being a shorter term and carry higher rates.You should need much you can buy a primary home for 5% down, Vacation home for 10% and investment for 15% and keep in mind if you have PMI the rate will always be lower.

When I asked why, I think I understood them to say they included the depreciation for both years on 2023 and there is a carry forward of losses ($13k).  

I did it a little different since I was doing 100% land and 100% owner financing I took an interest in the seller carry back ( collateral interest) so I was not hanging out there with personal notes. 

Only way your going to pull that off is with a partner or with private money that YOU line up (not a mortgage broker).I have bought houses with the vendor carrying back all of their equity - so it is possible, but I was working with motivated vendors (key word here), and without an agent getting in the way.

😎  Carry on sorry I mentioned it.

You don't carry a taser or gun? 

But there is an advantage in carrying the note outside the exchange in that while they will pay the tax on that boot. 

consider the opportunity cost of doing this#1) sell house for cash or to a buyer with their own financing from a bank, etc and you get 315K at time zero, you invest that at historic SP500 8.4% return over last 220 yrs and it grows to $3,541,514.46#2) do owner financing and you get 100k up front that invested at 8.4% grows to $1,250,000, plus you get your payments at $1400 x 360 months or $502k, invested grows to $3,265,000 total including the 1.25 mil aboveso you come out 300k better not doing it and you don't have to service the loan and all the other risksremember banks don't even carry mortgage notes after origination, they dump them onto the US taxpayer via illegal-unconstitutional havens like Fannie/Freddie/HUD, and for last 15 yrs the FED has bought every MBS in the country, which frees up the Banks capital to do it again and make the real money on churning the points and feesplus will next 30 yrs have higher inflation than last 30 yrs?