I am definitely wary of the fact that the seller doesn't have any docs to show and my agent doesn't want me to pursue the property because she thinks the numbers they ARE sharing are inflated, but it's in an area that I want to settle in for the long haul and that I'm quickly getting priced out of.

Stop contributing more than what your company will match in the 401K, get rid of those car payments, student loans, toys bought on time etc... 

So for people who are in this higher income situation it would be better for them to take LPMI (lender paid MI) which is in essence a bit of a higher rate in order to not pay monthly MI because this particular person could write off the extra interest and typically pay less than what monthly MI would "have," been in lieu of the LPMI option.For smart investors who buy undermarket value and fix up, it may be best to ..... Yes

I know it would for me.I got into the game back in the Great Recession knowing I would be in for the long haul, which is why I went with 3-4 unit properties to get the 30 year financing.  

I suspect in Omaha you can do very nicely on say 20k a month... and spend say 5% of your income on a toy.. still leaves you 19k a month to live on.. great house in your market probably all in is not more than 3 to 4k a month leaving you 15k for food and cloths.. so you can buy the car  :)

I toyed with this idea when I purchased a vacant 10k sq ft office building.  

People often make the mistake of applying for "toy cards" ( department store, gas cards) or even worse, subprime cards.

It was also an excuse to buy toys at Home Depot.Anyway the house has been available for rent for about a month now.

I am looking to hold this property for the long haul. 

I would prefer to be in this for the long haul.