My advice is limited to knowing your competition.

If you have a CC with a high limit on it and they are mailing you these "balance transfer" checks, you can do a lot.

You can always sell the option contract, though the market for purchasing options is extremely limited.

I heard from a very well-informed mortgage broker that Fannie Mae was reportedly very close to announcing a bump in their property limit from 10 to 12.

If the structures are wood, or have a flat roof, the choices will be limited, and much higher.

This becomes more important for plan 2, but applies to both as we intend to start locally.Due to our limited income we only have about $10,000 we can invest at the moment.

Trey your on the right track but you should be able to reap the benefits and limit your liability as well.In CA, we have this form below that basically tells a seller that you are not representing them and they should seek legal,tax,etc. counsel if they need it.http://www.wrightrealtors.com/pdf/non_agency.pdfThe good thing about TX, is that the laws are much different and the disclosure requirements are much less.

One that would seem to come from someone who is not all that tapped into the actual market but rather an outside spectator trying to devise some scheme with limited knowledge who then sells the plan to folks who know as much or less than him.

In recent years Congress enacted two amendments to Section 121 in order to limit the benefits of Section 121 when the property has been used as a rental.First, if you acquire property in a 1031 exchange and then convert it to your primary residence, you must own it at least five years before being eligible for the Section 121 exclusion.Second, the amount of gain that you can exclude will be reduced to the extent that the house was used for something other than a primary residence during the period of ownership.

Go small, gain experience, and grow capital smart which limits risk.I know some about hotels but not an expert.