It's also important to be aware of any deed restrictions or covenants that could impact your intended use of the property.A Personal Anecdote:I once assisted a client in Omaha who purchased a Freddie Mac home intending to convert it into a rental property.

I have eyes on a property that I could get at about 120-130k after speaking with agent.

Also, as others have noted the way you appear in a lenders eyes will change as soon as that $500k salary goes away.

You may hear different from some here, but my advice is NEVER purchase something you don't lay eyes on. 

For a bird's eye view of end-of-year tax planning, read this old post:https://www.biggerpockets.com/forums/51/topics/1007488-debun...

Quote from @Chris Olandese: Hi everyone, I’m the latest starry-eyed rental owner in SE Wisconsin, nice to be here!

I've mainly had my eyes on the Northshore area as well Revere, Malden, Saugus, etc. 

I'll be scoping out properties all over the country but definitely in Oeiras as well - i am eyeing one there right now.

To learn more about which one may be best for you, feel free to send me a private message.Old Town North: An Unused Eye Soar Transforming into a 2.5 Million Square Foot Community CenterThe GenOn coal power plant, which opened in 1949 and was shut down in 2012 due to concerns by residents about local pollution, has occupied an unused 20-acre lot in Old Town North for the last 12 years.

I've been eyeing land in Central and West Texas, and they occasionally have some interesting opportunities, but some of them seem too good to be true.