First drove down with list of potential homes, drove neighborhoods, weeded out areas we didn't like -- neighborhoods that seem great on paper can be horrible in reality.

Assuming you have a nice down payment, an owner that wants out will be your best bet for the loan.Do some reading in the rental property forum to learn the realities of rentals.

My situation was kind of different.My father was killed in a car accident when I was 15 turning 16 years old.It was just me and my mom facing the world trying to rebuild our identities in life.I mainly went to school to make my father happy but I loved learning.When I had the 98 and 96's scores for subjects he would love bragging to his family so that always made me feel good that he was so happy.I stayed at home and went to college for 2 years and it was all paid for and I could have gone longer but I felt a different calling.To create,innovate,and feel alive and passionate about being a business owner.I would hang around other business owners as a teen to get their perspective on things.Amazingly most said it is good to have book knowledge but practical knowledge will get you much further in business on the street.It's kind of like a professor teaching business classes that has never ran a business in their whole life.They know nothing but theory and what sounds good.In reality I want to learn knowledge from thriving business owners who have been in the game for awhile and have real world experience.I did move out from my mom's place although I was in my mid to late 20's but my life wasn't typical like many.I believe it is fine for kids to stay at home as long as they are bettering themselves and have a plan to get on their feet.Sadly many are being and free loading and not requiring much of themselves and I do not agree with that.

I've found that once a tenant becomes strapped for cash and/or can't make the rent payment, they magically become a jack/jill-of-all-trades, when in reality they don't have the knowledge/experience to get the job done properly.

I got something out of every session that I attended, but probably the ones that got me thinking the most were the following:The Wholesaling presentation really got me thinking about the realities of marketing for properties.

In reality we have developed everything from SFR subdivisions, SFR, multi family, office buildings, small office parks, office/retail condo projects, etc.

Thanks Nathan, you just inspired me to produce a new reality tv show..."

So simply getting a principal reduction or lowering the rate would in reality result in no change in before tax cash flows prior to the balloon but decrease the after tax cash flows (by a few hundred thousand over 6 years).

I read that one person had to make over 130 offers when they began before they got one accepted and that reality check was helpful too.

Likely, the heft of these will "deserve" the reality check since no true merit of home ownership existed at the time their lender made the "American Dream" possible for them while the bubble was growing.