They can qualify for a new mortgage and show they are not the ones paying on the old loan so that the payment doesn't affect their DTI.

A friend of mine had a similar journey - they turned their old home into a rental property and soon realized they loved managing tenants and exploring ways to add value.

Ask yourself would you invest your money with an 18 year old new investor with no experience buying, or managing investment real estate? 

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

After spending 25 years as a Software Engineering and Product leader, I’m now exploring the world of real estate investing (REI) and looking forward to learning from all of you.My goal is to leverage my current investments and savings to build a real estate portfolio that will eventually allow me to transition away from my current career.

Typically, structures are grandfathered under old codes and zoning in which case it would be called compliant, but non-conforming. 

On August 8, 2024 they will be in breech of contract for a year now. 

Most important thing is gaining enough knowledge to be able to purchase properties that's going to add value to the next few years of my life and my kids 

I am guessing that the vast majority of homes 10+ years old had some sort of water damage at some point, most had probably several.My own home is only a few years old and we had the washer spring a leak and a few years later the RO system in the kitchen started leaking into the cabinet.Seller disclosures are pretty useless in my opinion.

Quote from @Collin Hays: From a macro standpoint, cash flow is difficult when servicing debt, at least in the early years.