@Tyler GarzaYour "buy a new house, rent the old one, and trade up" strategy is a solid way to build wealth, but there are a few key factors to consider.

Usually, FHA allows for it if it's 51% or more residential, however a solid lender local to our area needs to be the source on what is/isn't possible for this specific property.Certainly, the numbers you gave look good upfront.

@Rickey MayesCongrats on your condo purchase, Since it's your first home and potential rental, choosing the right mortgage and down payment is key.

Trying to get into the nuts and bolts of how he was trying to source a location, project size of preference, what type of financial modeling he does, what kind of tenants he was hoping to attract/the strategy behind it, if he was doing any joint ventures or had done any in the past, if he had taken part in any syndications, what management strategies he was implementing with his current properties to maximize lease uptime and profit, what types of leases he generally favored contracting for his properties--all of that was like pulling teeth.

I found it better to source a renter myself.

@Jay Fayz Do you have a source of regular income? 

Your realtor should be the first source of guidance.For anyone here to provide you some guidance, you have to be more specific on the ask.There are always many things to consider when planning for different strategies.

The key question is: Who is performing the work?

PHX is growing so rapidly, so knowing which direction that you'd like to focus on will definitely be key. 

Employment is a key factor in tenant approval, and a good tenant should understand that.🔹 Final Thought: If a tenant is already pushing back on basic screening, it’s often a sign of future issues.