I’m at the stage where I have an a hard money lender, I’m prequalified and I have made a few offers so im waiting for one fish to bite. 

How bout this, rather than sinking so much money into Dead Equity, look at paying off other NON tax deductible debt, invest it in retirement savings like a Roth IRA, Annuity, Loan the money out thru a company like Prosper or simply put that money in the bank and let it subsidize your monthly nut.   

So far it's been working great...covers my monthly nut so basically living for free.Right now I have about $360k left at 4.3%I have about $170k in cashWas thinking to use some of the cash to either invest or perhaps pay down some of the mortgageBut...this sweet house for $650k came on the market - it also has a main living area and a carport that can be rented out for $1500/mo or so.So I'm thinking if I deploy 20% into that I can live in the 2nd house and the cashflow from the other house + side rental should cover it all.Do you think this is a good idea or given how hot the market it is would it be safer to just pay down the first mortgage first?

No need to go nuts, but I would try to find a regular, year-long tenant as soon as you can.

Not much appreciation, but what some people call "pigs" we call "ATMs" because they spit out so much positive cash flow it's nuts. 

Current primary residence is a 3 bedroom, 2 1/2 bath, 2 acre lot, with a fenced in, in-ground pool and 20x20 koi fish pond.

Current primary residence is a 3 bedroom, 2 1/2 bath, 2 acre lot, with a fenced in, in-ground pool and 20x20 koi fish pond.

I’ll for indebted as I’m currently a really small fish in an giant ocean.Mario

I wall fished a lot of romex and coax.

It's too simple and tells you NOTHING about the future... which by the way, even a Squirrel knows about the future since he has to put his Nuts away for the winter or he may starve.So, we really ALL... that means all the readers of this posts and everyone on BP and every Investor whether or not you are a RE Investor or Stock Investor..... learn IRR.