Now the spread in these rates is not huge, but it is technically a higher rate.Also, depending on where your capital is coming from, you may not be able to utilize any or all of the bonus depreciation anyways.  

What you could do with some or all of that extra savings from those tenants is pay down your car loan faster, so you aren't just picking one way or the other.All of this does rely on many factors that you will just have to uncover with a lender and go from there because your specific situation may alter how to approach things.Bottom line: Paying off bad debt(your car) is a good thing, but if you can utilize the funds you would have used to pay off the car to wealth build and accelerate the pay off of your bad debt with that accumulated savings...that is POWER and could position you for a fruitful beginning in REI.Best wishes to you!

And if you're caught doing the work without permits you'll likely be required to do most or all of that work anyway.

I hope not.Would you require a real estate agent to represent you and then forgo part or all of their commissions because they were your tenant?

They typically make this threat, hoping you'll give back some or all of the deposit. 

You would learn the purchase process, rehab process, property management, and have most or all of your living expenses paid for.

Ask the seller if he'd hold a note for part or all of it.Dont forget to factor in your home equity line costs into your calculations.If the numbers work with some reserves for vacancy and repairs, ho for it and make it work.

I would just definitely appreciate any or all feedback.

Upside here is - you'll eliminate most or all of the capital gains tax and you'll then parlay that into the next property.

And 25% down for a 2-4 unit via conventional financing as an investment prop.You'd also may want to look into if any or all of the downpayment assistance becomes due if you move out of the property you're in now or refinance out of the FHA into a conventional loan