This can be used to eliminate most gains of a long hold highly appreciated rental asset through 1031 + primary resident conversion to establish a more favorable ratio. 

Both careers would see a sharp short term income loss, but once i'm established the money i'll make ought to be comprable to my next year income.

The kindness and humor of the responses is comforting in a field where there is very little down time (currently as I get it established) and you all "get it".

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

However, it's essential to fully comprehend the terms and conditions and carefully estimate cash flow, factoring in potential market fluctuations.FHA Loan and Work History:Waiting for another year to establish a two-year work history for better FHA loan approval terms is a patient strategy.

The risk in lifting these houses is there's not a clearly established market for flood damaged homes that have been elevated.

Also father/son dynamics at an age where the son is trying to establish his independence is trying on both of us.I did not push son in direction of RE, he considered various options and chose RE. 

Now it’s probably the Midwest,But my the time you get to the Midwest and establish a footprint and “street credibility” with the brokers and sellers another market may be strong.If you are going to invest out of area, you will need to spend “face to face” “boots on the ground time” there.

For illustration purposes, the investor with engineering and/or construction background may excel building in a market where there is ease in doing business and can build efficiently whereas the doctor may have greater success in the established market where significant barriers already exist but can afford the entry price and can ride the waive of continued appreciation and offset their high salary by depreciating the expensive building they acquired.  

Eliminate debt, establish a budget, and save.