I am an active real estate broker and general contractor here in Memphis and this is a great market for RE investing!

Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

I would recommend working with a good investor agent who can help with all of this!

This is illegal in NYS, we have looked this up and did  significant research on this and we have a law suit against them in regarding this. 

I find this hard to believe.

Monthly payment is 1900 with a 6.5 rate and would rent for 2500.posted in another group but realized it was the wrong one Hey Keith, I've helped other clients do this sort of thing - vacating a primary residence and then pull out cash to purchase another property elsewhere.

Thank you for everybody thats helped me so far.I have spoke with about 4 of them.

What made you interested in investing in this type of deal?

If the issues can be resolved, I will need to get another quote but this should give an idea of the CA FAIR.  

I know a couple people that does this, let me know if you need me to connect you.