Even if it *was* suitable as a rental, profits like that are better harvested right now.

It is a pink sheet stock (very risky) with a huge upside.

To be honest, I'm tickled pink when I find banks still doing anything with portfolio loans.The key to your post though was the one comment - you and your partner can barely qualify for a conventional loan.

Now, I just need to finish a few initial rehabs (like finish painting the Pink Elephant) and rehabbing a unit that I've been using for storage in preparation for a tenant.Mike

Just got a call from a tenant at the Pink Elephant who says a live electrical line just fell during the storm.

i agree with jon....my 'lot of house' comment was from personal experience.you are on the right path for the 3/2/2. my first property i bought, we purchased because it was good for us AT THE TIME. didn't look longterm. don't get me wrong, its a nice 2/2 with a loft, but the layout and area isn't the best.now i will only buy a primary based on jon's advice of buying a house 'you're willing to die in'. ofcourse, we hope that won't be the case though.....you look like a nice murderous clown from your photo, i hope you lead a long, long life.ALSO, if you have any intention on not dying in this house, be sure to make it not too personal. your last comment of it being built the way you want may not mean what someone else wants. if you are planning to not live in the house forever, think about neutral 'stuff'. stay away from the pink jacuzzi tub (of which the house i purchased last year had) and the crazy colored roof. ofcourse, anything can be replaced...just a thought

My wife is a teacher and every school is pink slipping so there in no other teaching jobs.

That's also the harvesting point of bankruptcies.If the both of you have an agreement then that's just fine, just remember that your "verbal" contract can expire at any time.Let me rescend the previous statement.

One house is painted this bright blue color and another painted bright pink and super cluttered.

You've got to focus on that crop until you harvest time.