Owning a rental was something that was always in the back of my head, and right before this virus shut everything down, I decided to start making that a reality! 

I don't think any of us can be totally sure.I think overall the safest strategy is just to remain vigilant in keeping up to speed with trends, data, and potential factors impacting various markets to help us keep level headed as we move business onward and upward.

I would think if you maybe don’t buy it right, use the calculators on BP, or if maybe the reno gets in over your head…but other than that it seems like a great way to get started.

That's awesome you're looking to get a head start in real estate.

I actually recognize this deal because me and my fiancee loved the way the property turned out so much when we saw it that it stuck in our head. 

I can also do seller finance if the deal fits, but that's not an option on owner-occ (at least not for me).As far as where the market is heading, I think that's still rather up in the air.

So many things I would have done different, but I was hard-headed and determined to 'take action'.I think you just need to let the lenders get through this and you can apply.

Thanks for the heads up!

.-- Owners maintain the property so those who cannot afford to do it have a roof over their head that does not leak (an un-doable repair expense for "The Working Poor"), and replace furnaces so they don't freeze to death in the winter, and replace hot water heaters so they can wash.The working poor cannot afford to buy furnace, let alone the price of installation.There is not a renter/owner problem in the USA, other than what is being artificially gined up.The system works well for both sides.Just my 2 cents. 

City Code Enforcement: Properties that are consistently getting warnings and citations for failure to care for their property could easily be rentals where the landlord is over his head and would take an out, if presented, but can't afford to fix up the place to sell it.