They would like to have a three year term on my investment.

Do you still "play fair" and wait the three more days to show it to Person #1?  

(Some landlords assume that interior paint has a life of three years or more.)Length of stayLess than 6 months6 months to 1 year1 year to 2 years2 or more years Deductionfull costtwo-thirds of costone-third of costno deduction Using this approach, if the tenant lived in the rental unit for two years or more, the tenant could not be charged for any repainting costs, no matter how dirty the walls were. 244

(There are actually three entirely different sets of wonky calculations, depending on the exact situation, that I will not bore you with.)What you need to know, however, is that if [rent * 75% - PITI] works and yields a positive number, and if the home actually makes money, and if you haven't lied on your tax returns, then the wonky calculations that we do will not throw you off - and in all likelihood will actually improve your DTI.

In order for any job to be successful, you will need to balance scope/quality, time, and money, you cannot get the three but you can get two at a time.

Rather than dealing with skilled and shrewd loan brokers, you're instead just working with a seller to solve a problem.Sellers who are most receptive to a financing offer need to sell but can't, often because they lack sufficient funds to make necessary repairs or to engage an agent.

Here's how.1 - Buy/rehab a house for $50k...sell for $75k2 - Bank the $25k profit3 - Do #1 again4 - Do #2 again5 - Combine profits from #'2 2 and 4, the original $50, and....6 - Buy/rehab 2 properties and the same time7 - Take profits (2) from #6, combine, and...8 - Buy/rehab 3 properties at the same time.9 - Now, execute a combination of flips and holds (refi's...use partners with credit if needed), three properties at a time until,...                 ...your arm gets tired.

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since you never mentioned a niche of interest, I added three of the most popular ones for your review and selection.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 aWelcome to the vibrant BP community.

If you have the cash and you want to buy a personal residence, it sounds like you have sufficient capital and income to support a new (modest) house and the losses you will incur on the condo. 

We bought it in 2010 for 200K with a 30 years loan, three years ago we decided to refinance with a 15 years loan.