Ideally I'd move into it, then rent it out later on.I've saved up another $150K or so in cash, which I had intended to use to buy another property. 

So refinance and term loan are not ideal products for me at the moment.

Is this a good deal.What numbers play a big factor in the success of this deal. 

You first have to have a good BP, maybe approved architect plans, and ideally an offering memorandum.

Provided you use a minimum down payment and qualify for a owner occupied mortgage this would be the ideal approach.

I tend to think $150K - $200K is the sweet spot where the cash flow is ideal and you can avoid some of the riff raff. 

If I can buy a property in and around LA area (or even 2-3 hrs driving distance) and then both live there (im single, so very basic needs) and use 75% of the property for short term rental/airbnb etc, that would be ideal.

I dont know if he married into a crazy family or what - what I was told of him at the apt community he lived at when he was single was that he was an angel and a clean freak and played by the rules.I dont know if he felt I was a sucker as I was a private landlord and moving out of town or what. 

There are many factors at play, but it seems many eyes are turning to the Philly rental market, not to mention us local guys with the connections.

lolAlternatively, I liked how you played out taking 100% of the money after a sale to spread it over multiple properties.