From my research of comparable sales and a real estate agent relative in Italy it is currently valued at about 320-350k.

I'm relatively new to REI too.  

., a divorce decree), or The Borrower is a cosigner/guarantor on the related Mortgage debt and someone other than the Borrower has made payments on the debt associated with the property for the most recent 12 months, as documented with copies of canceled checks or a statement from the lender See Section 5401.2(b)(i) for requirements for excluding liabilities, including Mortgage debt, from the monthly debt payment-to-income ratio.Well - this is my third property that I am acquiring.

No expenses are deductible on personal days.In this case - The IRS may come and tax you on the rent and disallow you any expenses.On a side note - Allowing a relative to live rent free may require the filing of a gift-tax return if above the annual exclusion.

Garbage too is relatively flat.

Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

The refinancing idea only works on a relatively quick time scale if, for that same $120k subsequently appraised value, you only paid $90k (or less), all-in!

@Sang PakYou always have a choice...don't listen to anyone who tells you otherwise...FIrst and foremost - you need to clarify if the $3500 is TOTAL estimated closing costs or relates to just the loan origination fee.I am also confused because you mentioned that the offer was accepted by selling agent and then you mention you were afraid of the seller getting in another offer...If the offer was accepted - What is the closing date scheduled?

Being self employed, if you were to find a lender that doesn't have any overlays on an FHA loan, it is possible to count the income provided you had previous experience in that same or related field of two years or more. 

Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!