Professional tenants know how to play the game.

They should be able to give rough terms (5-7 rate lock, balloon payment, amortization, LTV, etc).Lastly, mfam is a whole different ball game.

I've been listening to the BP podcast for almost a year now, and I'm finally ready to take action and dive head-first into the RE game!

Its people like you that keep the "game"growing. 

I still had no idea what to expect the state of my property to be in.  I

So it's either this or play video games until bed-time.

It is a numbers game. 

And, if I had an expensive emergency, I can get the funds to cover it.So, I'm trying to figure out my best game plan.

You could get it for as little 3.5% down with FHA financing, and with a fourplex you could probably cover all the expenses of the home and live there for free.That way, instead of paying $1,000 to $2,000 per month in rent or even towards a mortgage, your mortgage is paid for you (by the other tenants) and you can save that money to pay down debt, invest in the next property, make improvements to the home and increase the value and rent, etc.That could get you in the real estate investing game AND cover your living expenses, despite California's higher prices.

I am waiting to hear from my attorney on the repercussion of canceling the contract this late in the game as I am scheduled to close in a week or so.