Is there that kind of flexibility in a purchase agreement?

At least, that’s how it worked out for my wife and me.Since you both have years of experience as tenants, you probably already have a good sense of the kind of renters you'd want for your property.

Kind of like asking if people like cars pro/con; then finding out later you're a car salesperson; versus Truck/Motorcyle/Mass transit.Read back through my comment and yours, we said the same thing. 

As @Jonathan Greene mentioned this is kind of a dated strategy in the new price/interest rate environment.

I am kind of nervous as a first-time homebuyer and first-time investor investing out of state and looking at markets across the country.

What kind of insurance do you use? 

Thank you so kindly for the advice.

There are actually THREE kinds of subject to transactions1- subject to existing mortgage without lender approval2- subject to existing mortgage WITH lender approval3- subject to existing mortgage as part of a seller financed wrap around mortgage.with #1 and #3 it’s in everyone’s interest to utilize a third party servicer, who collects and then distributes payments.  

These minor details are the kind that distract people from the path of success. 

My plan would be use the 401k kind of like a hard money loan where I'd acquire the property, rehab it, then refinance long term, pay off the 401k loan and get it rented.