If you go the rental route you would be taxed at the passive investment income rate which would be lower.

below is the youtube link or google "Steve Jobs Stanford Commencement Speech 2005".

Foxx's buying below value seminar.

They will also add your existing loans to your liabilities.It is for this reason that people can go out and get approved again and again, because their finances are showing that they are still well below that ~30% Debt-to-Income ratio required for additional lending.Welcome and best of luck!

Don't count on getting an 80% loan at that sale price as it is below most lender's minimum loan amount, better check with a bank and see if they will go that low, the rate and points will probably be higher to put a small loan on the books.

Plus I will include my initial list of questions below:1.

Get it priced at or a little below similar houses in the same neighborhood.

An assumption could be made the loan will not be low balance with approval so when the real loan gets hashed out with a real property, the hit to the rate shows up.I don't understand the PMI comments.

From what I have seen they are more interested in the 100,000 to 200,000 range and if you are above or below that you are OK.

Like most people, I want to get the property as cheap as possible.You can always make an offer below the asking price, and see what happens.