A very rough rule of thumb I use in Ohio is about $130 per square foot for reconstruction cost estimates to double check what the software says it should be.

Live there for the minimum of 12 months, move on and rent out your prior unit to improve your cash flow.

Is there typically a rule of them for these things?

Truth is that the Fannie selling guide is 1000+ pages and the rules are constantly changing.

I recommend calling Steve Dawson for painting and gutters.The forum rules prevented me from posting the phone number, but if you send me a message i'll give it to you.

The POA has that rule because a church owned one home and they had way too many church folks coming at a time, taking over the entire beach, playground, etc. for their church use.  

Now since you've got that other loan out, you need to see how much money you have left in it, but it should be enough to take care of one more purchase.Just make sure you run your numbers (alot more than just Rent minus mortgage) and you'll be set.Also, I haven't bothered to mess with my TSP so i don't know the rules and regulations with it, but see if you can use that money to invest.

It's really important that you don't overpay for properties because you make money when you buy in real estate.Also, always read the terms and conditions of the auctions because the rules of the auctions vary between different companies, even different municipalities.  

You need to determine why his FICO is so low and ask yourself if the root of that issue makes him a good partner.If so, I would work on improving your buying position before making the purchase.

I have contacted the city and they said that my plan can be done and meets all their guidelines, rules, etc.