I'll follow up with my CPA after I get one for more details but thank you @Basit Siddiqi for pointing me in this direction and anyone; feel free to add any additional thoughts or insights if you can :-)@Peston Parsard, moving expenses are no longer deductible for Federal returns unless you are a member of the Armed Forces on active duty and, due to a military order, you move because of a permanent change of station.

Explain to the Mortgage Company that your Sellers are Military and have Permanent Change of Station orders and their home may be under water at the sale.

Hard to say how bad the State would want to put it to you but say a permanent disability or death was to happen what then?

However, my family is looking to buy another vacant lot as a permanent home.

Could be great for folks coming to NYC temporarily for work or looking to relocate permanently. 

They thought they were permanent too :)

It permanently solves the problem of what the neighbors are doing in their yard, at least visually.

closing costs  will vary  based on  several factors  .....the location of the  transaction /  the  interest rate desired /  credit score / ltv …...best to  get in touch with someone familiar  with the are you are considering  ...get  pre approved  so that you can understand the numbers  better and  also  be assured you can qualify for what you want …...also - avoid the FHA loan and  use  a conventional loan if all at possible  due to the fact the mortgage insurance on a FHA loan is permanent and cant be eliminated unless you sell/ payoff the loan  or refinance at a later date

You will then need to renovate and refinance into permanent debt if you want to keep this property as a rental.

Having learned what I learned through the 6 I've done, if I'm going to rent it, I'll find an economical covering that won't permanently damage the hardwood and keep it as an option later.