I would like to be a good steward of this money and start to create a realestate portfolio.

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Rents are starting to rise but, you will not get anywhere close to the 1% rule up here, on normal sales, from what I see.  

That, and lots of refi-only loan officers don't know what they are doing, but have been forced to offer purchase mortgages because no one is refinancing, so they just regurgitate FHA rules as if they were applicable to conventional, because they do not know any better. 

The full value of the note can then be put into your 1031 exchange escrow account when you sell, and this can help you defer all of your taxes (assuming other rules are followed). 2.

If you go the new home route, check the rules on resale and if there is a right for the builder to purchase it from you or a minimum time before you can sell it. 

@Dan Sundberg, congratulations on the successful conversion and creating a cash-flowing asset for yourself and your family.  

around here the rule is that if the Electric Company is a private company like MetEd or Edison etc. they lien the person activating the electric service, as in the tenant. 

Hi Faiz, The same rules will apply whether the property is paid off or if it has an existing mortgage.