Out of curiosity is your long term goal tied to a particular cash flow amount whether it be per month, per year or other?

Out of curiosity what were the type of properties that have that are seasoned?

Just make sure to pay it off monthly so you don't accrue interest and get into trouble with it.  

And be sure interest continues to accrue until paid. 

I recently got interested in REI with the curiosity on how to purchase a vacation home and not have to pay mortgage.

Out of curiosity, are you looking for a specific area in STL or a specific type of property?

Often the timing of recordation or the date the obligation accrued is paramount.Without jurisdictional info and a title report (including all taxes, judgments, perhaps more), nobody here can give you an answer.

@Ben ErtlJust out of curiosity, any particular reason you're opting for full 20% down rather than doing an owner-occupied FHA @ 3.5% down?

Points charged on loans (% paid up front at closing, basically an origination fee) and interest rate..usually closer to 12% when you're starting out.Payment schedule - most will expect monthly interest only payments, but some will let it accrue and settle up at closing.Minimum loan amounts - if they only loan in amounts of $200k and up, then you're wasting your time shopping for $150k properties.Doc prep charges and other hidden fees (preparing the mortgage and note is a necessity and you'll have to pay for that, but watch out for other hidden fees). 

Out of curiosity, I just ran an MLS search of condos in the city of PCB (some are beachfront and some are not) and came up with 54 options under $150K - some as big as 1,430 sq. ft.Let me know if you'd like more information.