That is the minimal goal, perhaps I can buy another non-principal residence before then, lets hope.

I was told I should take Principals first.

Generally, as an agent we like to keep the principals apart, just due to emotional, personal issues, etc. getting in the way.

The Seller needs to have a long look at fixing the problem.Appreciation, PITI vs Rent Ratio, and principal paydown both are factors.Master lease without owning is another strategy if there is a profit there.

However there is no limit when getting a mortgage for a primary residenceStraight from the Fannie Mae selling guide:Limits on the Number of Financed PropertiesIf the mortgage being delivered to Fannie Mae is secured by the borrower’s principal residence, there are no limitations on the number of properties that the borrower can currently be financing.

say you have a few different rental properties...you take all of the extra money you are getting from rent from the other properties and apply that to the principal of one home until it is paid in full...then you start with the next property until that is paid off...Do you use this strategy or do you know of anybody using it?

Just be sure that the financing and appraisal contingencies last through those six months.Alternately, you could ask the owner to carry the financing for a period of time in order to reduce the purchase price by reducing the principal.

But, I believe collecting a fee for an assignment where you are the principal, is not covered.

Example would be as follows:$1695 - Amount tenant pays for rent$152.55 - Property management fees (9%)$1542.45 - Amount paid to myself$1469.02 - Mortgage payment$1500 - Amount I pay for mortgage (I prefer to round up just to pay a little extra on the principal)This leaves me with the $42.45 profit from the property.I'm not sure how to buy in an additional market (or even go looking for one for that matter) where I could purchase an additional property for income purposes.

The problem I have with principals like the 2% rule is that they're too black & white.