Lastly, I would like to thank my kids for going to bed at a reasonable hour which allows me to surf BP before I go to bed.  

The agency your agent works for.....go to their website and compare information.

Know all the streets, how much properties are trading for, go to all the open houses, research what is going on in the local business market (local newspapers, online forums can help with this).3.

You think some guys on this site frown on wholesalers working on the fringes of legality.. well builders did not like this at all.Plus if you sell to a bunch of investors in a SFR tract you are absolluly correct it will have a negative impact on values.I bought 12 new homes for go zone in MS but  the builder would only allow 5% of any one track to go non owner occ.. so this has worked well.. the few I have are sprinkled about in these tracks. 

I would live there for a year, and then if I need to change cities I could remotely manage the property.My reason for going with a condo is that the maintenance work goes through the complex, making it easier to manage from another city.So my questions are:1)Is this sound logic, and a reasonable plan for success?

When I explored the options, the ONLY reason I could see for going the 'long route' would be that it *might* prevent you from doing 'prohibited transactions' since in theory that is part of what the Custodian is supposed to be doing (as I understand it). 

Talk with a real estate attorney, or CPA; and you will hear the very same song.

@Amanda GrooverAs far as consolidating debt, that would depend on the interest rate you are paying for each major bill.If you consolidate then you may end up with 1 large bill with a higher interest than the smaller bills individually.You also forgo the ability to negotiate each bill to your advantage.Flexibility may be to your advantage right now.Analyze and talk to each creditor to determine what you can work out to your advantage.As far as purchasing your first rental, it sounds like you are stressing over current and past bills.That will increase with a rental property.How much stress can you handle?

Plus now that I'm single i may be willing to forgo some profit for a management company.

Let's have some fun.Here we go!---------------------Inexperienced FSBOs are easy marks,They're swimming with the sharks.You don't like my remarks?Just keep reading Karl Marx.---------------------