In scenario #2 you don't have at least 1 yr of stable income.My recommendation:* Scenario #1 - Sell the SFH and do a 1031 exchange into a upscale multi-unit.

Either way, would be great to exchange ideas on the area!

Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI 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.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Then you can do a cash out refi to purchase or a 1031 exchange which I think Tammy might have been referring to.  1031 exchanges are a way to avoid paying capital gains up front a sale.  

Would like to get together to study or exchange information.

I live in uptown / galleria area, but I would love to capitalize on any market in Houston.Please anybody in the Houston/Galveston area send me a message, so we can maybe exchange contact information and I can learn the RE game from you.

I plan to keep it for 3-5 years while renting out then sell it then buy bigger via 1031 exchange.

Hello, I have a RE client exercising a 1031 exchange, he has sold his investment property, and he and his son (who will be renting from dad at fair market value) have found a property that requires an owner-occupant.

Specifically we are looking to pay an appraiser for their time and in exchange they could help educate us on what we can do to maximize the projected ARV.

I have an Arizona single member LLC that files taxes as an S-corp "1120s" I sold that property and doing a 1031 exchange the issue I am having is because I file as an S corp I am told I need to purchase the new property with the exact same LLC.