You can convert it to a legal living area if it's got two egresses, such as a window large enough to climb out, must be a certain size, plus a door to the outside.

If he doesn't want to use debt to leverage his current sum, it's going to be a slower climb, but with less risk (ie if a property he buys with cash sits vacant, he doesn't have mortgage payments to cover).

Your inspector will look for structural integrity issues, life safety issues/fire hazards and inspect your MEP Systems to make sure Electrical panel, wiring, piping, hot water heater & HVAC systems are acceptable/good working condition.Roof/Crawlspace/Attic InspectionsIf you are afraid of heights and don't want to get on the roof, crawl around in a dirty creepy crawl space or climb around in a haunted attic, an inspector can inspect these areas.  

And yes, I'm not too worried with missing out on some appreciation with rates climbing; again, renting would mean I could go to the table cash, which should make up for some, maybe all, of the costs of renting for a year.

The super told me he doesn't want anyone like that in his work environment, they climb up and down 250 foot tall steel structures in a petrochemical refinery.

Your job is the best investment you have right now and you want to be sure that you put 100% into climbing the ladder there. 

I'm on track to climb and hit 6 figures by 30 (2 years for me). 

Interest rates climb (depressing price),  2. 

And with interest rates continuing to climb, there could be more incentive for lenders to use this option. 

.  ;-)Today's Newspaper***********************************"Metro Phoenix homebuilding hits decade high"New houses are going up in the Phoenix area at the fastest pace in 10 years, and prices are climbing faster than they have in five years.Buyers are again heading to Valley suburbs farther out to find houses they can afford.By the building numbersMore than 1,950 new houses sold Valleywide in May, and the pace of sales for the year is 18 percent ahead of last year, Belfiore Real Estate Consulting reports.May was the best month for new house sales in metropolitan Phoenix since March 2008, according to RL Brown’s Phoenix Housing Market Letter.Brown reports the median new house price in the Valley is up almost 3 percent from last year to $330,000.