If you are age 65 or older, or disabled, the January 1 ownership and residency are not required for the age 65 or disabled homestead exemption.

There are some very good insights and it has been tremendously valuable to hear from seasoned investors.

I would save up some more money, wait for price seasoning and go conventional.  

When dealing with for sale by owners, do not appear too seasoned and too wealthy. 8.

I know that the wintertime high-season is the best time to sell, but I didn't want to take a chance.

We weren't sure about any seasoning issues.  

@Josh HutsonHave you ever heard older people say something like this: "This younger generation just doesn't get it.  

Also my offer at $550,000 is still 100K under what he asked for.As for the seller they are an older couple that moved here from Asia years ago and paid $875,000  cash for the building, to operate their acupuncture business out of it.

Just getting free property management should not be your buying trigger.Numbers, are not the only thing that you should go with, there are town where you can find great properties on numbers, but are war zones, and there are town where numbers make sense, but the economics of the town, proximity to work place don't.I hope this helps you to make some valuable decision.Look for JV partners who can help you get started and who are seasoned.

We are in process of working on a 4th loan, for an off grid riverfront seasonal cabin that only one of our lenders - the local one - is willing to finance due to their understanding of the area and our history of successful rentals (proven via our tax returns).