Currently we're looking at the Tulsa, OK area but have been also checking into Henderson, NV and areas outside Dallas county TX, and of course still holding on to the dream that we'll uncover a deal locally here in North County :D Interested in talking with anyone with tips/knowledge, as well as other newbies just to talk about learning experiences, starting tactics, etc.

At least not to them.Fannie Mae and Freddie Mac are fully aware of the form flaws.

Scott’s understanding is flawed.  1099s qualify for payroll costs of only 73.8% of their loan based on their payroll cost figure (8/52 of 12x monthly payroll cost).  

FHA financing, moving in.Assuming the market does not go up or down, in the next 3 years I plan on being really aggressive with the principal and refinancing to get rid of the MI.At that point, the mortgage payment will go down and could either have a cheaper mortgage for my primary or move to a bigger and at that point this property will generate some cash flow.I believe whatever I end up doing 3 years from now or so, I will be fine.To me this sounds like a good plan, any flaws that I may be missing here?

I've got nothing against brrr but it can have flaws if you're not careful.Dont worry about scaling up instantly.

I typically replace all light fixtures with modern looking lower-end LED units ($8-$10 each), pach and retexture all drywall flaws, replacing any tired flooring, paint everything, and fix (or remove) anything that's broken.

I feel compelled to point out that your argument is flawed.

Once there is more blood in the streets for a longer period of time, the real deals will uncover themselves.

Once there is more blood in the streets for a longer period of time, the real deals will uncover themselves.

The purpose is three-fold: To strengthen the lender/investor relationships for future opportunities, gain a better rate in a long-position mortgage, and capture a bit of cash to strengthen our liquidity position.We're in VA and my flaw in the strategy is I wasn't consistent and aggressive in farming banking relationships in S.C. early in the process.