@Steve S.That's some wise advice to remember right there.

Also, it would be wise to get some credit lines just to have in case as well. 

And with that said, you've also got a wise name to live up to Account Closed Be well!

I am not opposed to a reduced monthly expense, however would it be wise to stay patient and keep looking around for something that cash flows.ThanksColby Todd

If you are trying to use the "Delayed Financing" exception a couple of things you should keep in mind, #1 you must have paid all cash for the property (no borrowed funds for purchase) and no liens on the property #2 you can use the maximum LTV allowed for purchase of property (ie. for an owner occupied property 97/95% LTV or non-owner occupied max is usually 80-85% LTV) #3 must refi within 6 months of purchasing the property (so for the most part you are going to use the purchase price plus improvements rather than the new appraised value) #4 property will have to qualify condition wise within the lenders guidelines, so no major work should be outstanding like broken windows, holes in the roof, ect. 

You would be wise to contact the local housing office and seek advice from them.

Wise beyond years. 

Sure, my monthly cash flow will appear to increase by $220/mo, which could increase my purchasing power (a strong positive), but I'm not sure if it's a wise investment. 

tax collectors by and large have gotten wise and really frown on non owners collecting overages.remember these folks all go to conferences together.. and they NO like those that chase these. so in some jurisdiction waste of time but in some maybe.. pretty tough gig frankly

Thanks James Wise !