Also you are just starting out so there is a lot of excitement on your part, however no one else seems to share the same sentiment as you do.

We want to do whatever we can to keep it in the family since it has huge sentimental value to us.

To prevent the sentiment build up you could put a water softener & carbon filter on the house, it's a nice added feature for the tenants and they have to pay for the salt monthly.  

I know the desire to own and hold properties, i share the same sentiment but without cash it will be really difficult. the saying, cash is king, is for a reason because it gets to demand lot of others to its tune...So saying, if your analysis and research proves that you are getting a GREAT deal and that your payment back in the 401k is surely met (unless you decided to pay the early withdrawal penalty and tax) and your risk for any health/life event needs are less to none, then i say go for it...I encourage you to go forth and prosper...but if you are having any second thoughts on your course of action, then HOLD back and save up as much as you can till you are not held back with any second thoughts... just my 2 cents bud...all the best

@Steve Masica - Thanks and your response is exactly my sentiments to the matter.  

Thanks, Vincent--those were my gut sentiments as well!

My sentiments exactly.

As Ben Franklin said - "good fences make good neighbors" and I have altered that sentiment by saying "good agreements make good partners".

If I read that as the seller, I'm going to counter higher and betting on your sentiment, I will get the price I'm after.Your state should have a basic residential purchase contract available online.

“Additionally, we’re observing an uptick in millennial traffic and sentiment that we expect will result in more first-time home buyer sales in the later part of the year.”More at link...http://www.housingwire.com/articles/34313-millenni...