Buying a rental property here reduces the ROI.

We will both have over $25K each before making our purchases, but hope that first time homebuyer programs will eliminate our need for a down payment and reduce or eliminate closing costs. 

They're paper worth went into the crapper for years but funny thing is they kept making as much money as ever because they just kept holding.So monitor your debt closely and stress test a temporary drop in rents or the impact of a cash out refi.   

She's closing next Wed on her new house so it's adding some additional stress to her move. 

Until then, the added payments subtract from your current CF and in fact reduce your cash flow. 

I even sanded the floors myself and it's the last time ill ever do that lol.It was quite stressful living through the flip, but when I finally got it sold with no capital gains (lived in it for 2 out of the last 5 years). 

This would, of course, reduce my expenses with the property and net me a cashflow increase, and keep me from kicking myself every month I pay the bill for not having done it correctly from the get-go.What are your thoughts?

Everything that I have read stresses that the buyer should have the ability to make an all cash offer.

At the end of the day, I would not stress out over this matter.

Individuals will owe the tax if they have Net Investment Income and also have modified adjusted gross income over the following thresholds:Filing StatusThreshold AmountMarried filing jointly$250,000Married filing separately$125,000Single$200,000Head of household (with qualifying person)$200,000Qualifying widow(er) with dependent child$250,000Taxpayers should be aware that these threshold amounts are not indexed for inflation.If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.NII consists of the sum of three categories of income reduced by any properly allocable deductions for each [Reg. 1.1411-4(a)].