We financed with our own cash and builders lender to take advantage of incentives.

Do you like cash flow and paying less taxes or are you looking for the highest potential returns with a bit more risk?

Purchase price: $674,000 Cash invested: $134,000 Long term rental purchased in area that is under development and predicted to rise in value over the next 5 years - 2br 2bth

Do you have any cash available to buy an investment at this time?

After crunching the numbers I'd be cash flowing around $600-700/month if I hire a full service manager (and this is without accounting for any repairs, which it does need).

Edna~ I know you are looking to invest in cities closest to the Canadian border, however, I would encourage you to cast a wider net as you can find some excellent cash-flowing properties throughout the SE USA. 

Actual Cash Value:  The definition is the Replacement Cost minus depreciation.  

EXAMPLEYou cash out $100,000 of your equity and use this as a down payment on a $400,000 investment property.

Purchase price: $195,000 Cash invested: $35,000 Single Family home near Lake Texoma.

I think this program is an incredible way for new young investors who might make under the income limit, to house hack in high cost areas, which will appreciate well, and then afterward they can buy more rental property potentially in cash flow areas.