Protect yourself and use your inspection periods wisely.

It would be wise to screen and be confident in their ability and desire to pay rent to you.

@James Wise - good luck on the close!

Two things I am less confident about are: 1) the construction quality (is it a "cracker box", did the foreman let the guys cut corners to make a deadline or save a buck or simply because he was too busy) and 2) if the home in question turns out to inspect well, how how well the neighborhood is going to fare over time if it's less than 5 or 10 years old?

@James Wise You are the third person to give me that advice, so it must be good.

My overall goal is to wisely invest and be financially free in 5-10 years so me nor my wife will ever have to work again.

Is it wise to get my real estate license before investing in real estate?

I guess I am leaning towards it would be wise to use the equity if I could find another property that cash flows like I described (Currently a duplex FSBO asking $90k, with gross rents of $1600 - Expenses ($700 PITI, $250 utils, $150 maint/vacancy).

Not really wise advice from a guru.

You have to calculate at what clip your market is increasing percentage wise each month and then with mortgage payments monthly at what point in time likely they would intercept to getting even where you can sell and get out of the property.No legal advice.