We don't want to over extend ourselves and be carrying the note. 

50% LTV is out there for foreigners but one thing you should consider in your situation is finding a seller who will be motivated to carry back a loan in 2nd position. 

Yes, it's taking longer, but I'm still saving more than what the carrying costs are.  

@Joseph Whitton it’ll be super great with hurricane season...be sure to carry good insurance on them.

https://legislature.idaho.gov/statutesrules/idstat...In section 3 of that page it says:Any property sold may be carried on a recorded contract with the county for a term not to exceed ten (10) years and at an interest rate not to exceed the rate of interest specified in section 28-22-104(1), Idaho Code.

So if you plan on holding the note it can be lucrative and worthwhile but if your end game is to sell the note your better off selling the house at a reduced price.Also if you carry the note make sure you use a licensed 3rd party servicer as many note investors shy away from notes which are self serviced

Cost (fixing inspection items, carrying cost, staging) (3%) = - $3,960Subtotal Profit: $112,200Additional money in your pocket after 2 years of doing the Sandwich Lease Option = $16,200

So, a homestead property bought 10 or so years ago could be “assessed” at about half of “value”......plus the 3% cap is “portable” so it carries over somewhat to a newly bought homestead, further skewing any comparisons.

@Dan Mackin, I think I would prefer starting off small and not carrying any debt for my first deal.

Never carry a balance.