But this moment, right now, is utterly unique, and the talents you have right now and the types of opportunities which surround you in this moment are here for this moment only.

I personally dislike the word "GURU"....something about it just does not sound right.Anyway,  I would suggest you take your savings, combine with FHA 203k, get the grants you mention and buy your OO/Investment property.Once you get started, I am sure everything else will fall into place, remember BP  has the answers to most of your questions.Good luck to you!!

They will also allow a B piece second loan of 10% making combined LTV 85% which improves cash on cash.Lenders look more at liquidity and less at the net worth because the net worth may not liquidate as anticipated with the existing assets and equity.I don't know how much funds you have but you could also partner on a larger retail property.

Here is my current situation:Main residence appraised $122,000 (loan balance upon re-fi $75,000)Rehab property appraised $132,000 (purchased at $89,900)Combined Value $254,000Current Loan is $197,000 (including $34,350 construction component)We discussed keeping the mortgage balance at 80% of appraised value of my main residence upon the sale of the rehab project ($122k x.8= $97.6k) The process would encompass selling the rehab property and paying the loan balance to the 80% figure while retaining the difference acquired through the sale of the rehab...

Special assessments or HOA or city related ordinancesAlso, if you did the math, and based on my personal observation, land lording as a means to financial freedom is very long and tedious unless you have some other form of income to break the cap rate on the property, or have some really innovative way to acquire property (but this often in itself needs some level of capital).If you have very little capital, I would save the money (i am generally risk averse), and use sweat equity, like being a realtor or wholesaler to build the funds to invest, then combine your knowledge with things like options trading is where it all comes together and makes sense. 

I really appreciate your help.I decided not to pursue this deal.Being that it is my first deal and 150 miles away, combined with the risk of high-crime area and potentially high-maintenance tenants made this one unappealing.Thanks again!

Every real estate strategy has its different pros, cons and unique aspects.  

What's unique about this particular property is not the house but the land.

You seem to have a grasp on flip profits and taxes, but a minimal understanding of conveyances and liens, interesting combination of knowledge, nothing wrong with that.My comments assume this property is in CA?  

Perhaps, get the fixed for 30 loan for Murphys law and add the zero down ,no pmi , A property, Denver area....these are winning combinations in my mind.