You have a current, documented source of income (no conventional lender is going to give you money if you don't have a documented source of steady income.)Your large savings will help your case, your other property may help or hurt (lenders count the property taxes and other property expenses as debts you have to pay.)

As for exit strategy, I haven't formulate an exit strategy per se; I thought you just give the conventional handshake after kicking the tires.

Another option would be to use hard money to acquire and renovate, then refinance into a conventional loan after 6 months.

Yes, that's standard for a conventional loan once you have four mortgaged properties.

But those early inventory properties will hit maturity issues, so plan on them.Several mistakes indicated that I see on BP or with landlords.

At some point I would love to expand......how is the market/inventory down there; specifically Henrico County?

I assume you're talking conventional, not FHA.

The rate was about 0.5% above the market fate for a conventional loan, but for me that was worth not having to put down the traditional 20%.I did not have to get an appraisal.Based on your use of the term ARV it sounds like you are thinking about flipping one of these Homepath houses.

But you will still be able to get conventional financing that won't require 20% down.Hope this helps.Eric

By moving away from conventional custodian controlled 401(k), you will have the ability to use your retirement funds to invest in real estate.