There arent many places I know where you could live for $140.98 per month but this is one of them.If you decided to vacate the property after a year you'd be making a positive net monthly of 459.02 per month or 5508.24 annually.The initial down payment of 3.5% was only $6,125 + 4,000 closing (est) = $10,125.Annual cash on cash would be 5508.24 cash flow / $10,125 = 54.40% return invested capital.The upside is extreme leverage (28.5: 1) so manage it carefully and if the numbers make sense it can be very lucrative.The downside is that a 175k 4 plex may not be the most ideal spot living spot.The problem with FHA is you'd pretty much have to find a decent condition property with minimal repairs from the health safety standpoint or a seller that is patient and willing to go into a long escrow with you to commit to these repairs.

I have a commitment to doing this and doing it well; however, I know almost nothing.  

End the rental agreement as specified in the latest signed copyI understand your situation may not allow you to easily commit, but I need to plan for your stay or start preparing for the next guest in this unit.Side note, my Dad is from Beaver Falls, PA and now lives in DC area...small world! 

Depends on your capital, desired time commitment, current skill set, & risk tolerance.I started with sfr's, then apartments, commercial property, then learned about notes.Bigger projects don't always mean better.  

I will say that we're committed to helping keep vacant property safe from trespassers.I'm in the Richmond, Virginia area.

The days where that was good enough are long gone.If you're committed real estate, then give it a shot while you're young.

What if the lender finds something they don't like and I don't get the loan, even though I got a commitment letter?

. * Decided this month to commit... goal to purchase first property by end of month. * Focusing in areas immediately South of downtown Seattle via short sales, REO and auction. * Will focus on first deal and plan to rehab and sale for profit. * If it's very strong, I'll buy-and-hold. * Have enough reserves for a few deals... but need to up that by doing deals. * I will contribute to these forums however I can. * Career background in marketing and small business ownership. * THANK YOU for 'listening'!

So should I be pushing for another year commitment or just roll on as is until they turn in there move out notice?

I have such admiration and respect for everything you have been through, your determination to succeed and the commitment to your family.