Your main concern here is to make sure the bank doesn't get spooked and exercise the "Due on Sale" clause that is included in every loan that says if title is transferred, the bank can call your loan immediately.

That is still to be determined, but we have decided that we will exercise our option; it's just a matter of how at this point.

Also @Nick Gentle can help with NZ specific investing as he works in property finding here.Hope those connections might help to build your knowledge base

What about locking it up with a purchase option, finish it enough to qualify, then exercise the option and purchase with conventional financing?

NOTICE: If Landlord fails to repair a condition that materially affects the physical health or safety of an ordinary tenant as required by this lease or the Property Code, Tenant may be entitled to exercise remedies under §92.056 and §92.0561 of the Property Code.span>If Tenant follows the procedures under those sections, the following remedies may be available to Tenant: (1) terminate the lease and obtain an appropriate refund under §92.056(f); (2) have the condition repaired or remedied according to §92.0561; (3) deduct from the rent the cost of the repair or remedy according to §92.0561; and (4) obtain judicial remedies according to §92.0563.

A landlord has a duty to exercise reasonable care to guard against foreseeable dangers arising from use of portions of the rental property over which the landlord retains control.

Plus, those tenants tend to exercise greater care of the flooring (and home in general).

A tenant may not exercise remedies in this subsection if the fire or casualty damage was caused by the deliberate or negligent act or omission of the tenant, a member of his family or a person on the premises with his consent.

Unfortunately not so but I thought I should give you the gentle reminder.

If of course, your life and personal situation complies :) I have done this for three years now.For this thought exercise, let's assume the RE professional requirement has been met, and that the net rental income (excluding depreciation) equals $0.Isn't 100K of gross taxable income less 30K of depreciation equal to 70K of taxable income (i.e., 100K-30K=70K)?