We have supported as lender when folks purchased for $17,000 and sold for $30,000 same day.The flipping, land lording might need some cash of your own; even though you can get lender involved for portion of it.There are other tweaks and variations on real estate; which you can explore as well.See what works best for your situation and change as you grow.

This means you can't have a balloon payment though unless you are willing to gamble on appreciation.2nd, you could make an offer for 250 with a clause saying that the seller will get their other 50 when you sell the property, or some variation on this.  

@Tim JohnsonI’ve tried searching variations of Grand Rapids, Mi and Lawyer, which doesn’t narrow it down much, but I’ll keep looking through the profiles.

Each room is separated by a doorway so I don't think the variation in flooring will make that big a deal and from my research and everyone's comments hardwood will hold up better than laminate.  

Of course (since I own a title company too), if I thought I was going to be getting business from you in the future I would likely just review them for free, especially if they are just variations of the standard Bar approved contracts.

And I say ASAP because an appropriate rental for me to move into just became available.Here are my assumptions: The condo will be fairly easy to rent The rental income will only cover 75% of my monthly expenses on the condo (mortgage, taxes, HOA fees) but I'm stuck paying those regardless.The rent payment for my new place, and the rent I collect, will be the same on a monthly basis (break-even)Repair/maintenance costs will be the same whether I live in the condo or rent it out (break-even)I will incur new costs for professional management and potential vacancyThe condo is in a good location and I won’t be underwater in five yearsMy front-end DTI is 28% and I have excellent credit with no other debtHere are my questions:From what I’ve read, there is some variation in what lenders require to use rental income to qualify for the next mortgage.  

I was going to name my LLC that I use for my fix and flips "Flipping Cleveland" as those of us that have called this gem of a city home have said variations of this over the years in regards to our local governments and/or sports teams... ok, mostly our football team... and the baseball team since the early 2000's... and our basketball team sans LeBron... 

For that matter a buddy who may say something to help his friend out There are many variations that could be discussed, some valid issues, some not.  

A variation on the theme which I considered but chose not to use would be, instead of buying the appliances, window coverings, bathroom finishings and landscaping, I could have given the tenants an “upgrade” budget, where I still approve and pay for stuff, but they pick it out and choose the installers and landscapers and painters.

There are many great references and slight variations to this strategy in the forums, blogs and podcasts.All the best on your journey!