@Jonathan DragoMake sure you have a conversation with your CPA regarding "Unrelated Business Income" as it may apply in your situation.

Well, I guess my last statement applies, you didn't deserve the rant. 

If the state declares it a credit transaction, all federal laws that apply to credit transactions apply.This means, because it is a residence, the SAFE Act applies which means you will need a licensed MLO on the payroll of your state licensed lending operation.You will also need a Compliance Management System geared for a licensed lender and a qualified Compliance Officer. 

I would have to apply first to see what I can afford?  

However in each case it fell upon the claimants to prove eligibility at the time of the filing and they must have made an attempt of actually applying before the judgement was rendered. 

The option fee will be $_______________, and at the time the option is exercised, the option fee will be applied toward the purchase price.7.

The plan is to apply basement paint.

What it comes down to is local knowledge and comfortability in that knowledge.Once you buy your first you will be able to apply that knowledge to that next deal and keep moving forward.

if it's free and clear you can just apply for a 1st position home loan cash out with a low interest rate.

A 1031 exchange only applies to property you have kept for investment for a year - this usually means a rental.The above is generic information and may not apply to you.