(You're paying the bank back with dollars that are of less value than the ones you borrowed from them; it's like borrowing gold and paying the lender back with gravel...maybe not that extreme, but you get the point).I think the plan of sitting tight and re-visiting the market in 6-12 months could work, but it could also backfire if property values don't go down significantly in 6-12 months....if prices hold steady, and rates increase even more (which seems likely), we could be in an even tougher position in 6-12 months (but, that's pure speculation...at the end of the day, nobody knows what will happen, and it's totally possible that prices are lower in 6-12 months...we're already seeing a notable uptick in days on market and price reductions, and a noticeable decrease of demand in many markets--but who knows how far that will go).Strange days, indeed.Good luck out there!

However, we use rehab expenses to get free gas from Giant Eagle (haven't paid for gas in, like, 2 years), so I would insist on buying my own materials.

I'll be surprised, frankly, if we do not see a couple of notable vacation rental markets decline precipitously from a pricing standpoint in the next few years. 

Also account for property management in your deal analysis if you're not able to self-manage.  4.

It's like a giant monster that is never satisfied.  

I have read that you are not able to use the 1031 on primary residence so is there anything else I can do.? 

So you’re not able to lock them now, yes?  

Not me.Couple of months ago I was very interested in a commercial building....I suspected it was an old oil field servicer building/warehouse and equipment yard....google street view looks fine, but when I got there tons of abandoned equipment in the yard, a few old giant oil storage tanks, raised diesel tank.   

Between these two giants were hundreds of smaller cities and towns, and millions of acres of farms, orange groves, and undeveloped land.

My property manager is not able to set up automatic payments for the home they are managing for me out of town and has never experienced this with a mortgagor before.