I would recommend sitting down with a couple mortgage lenders from national (big) banks and a couple from local or regional banks.

Some people know that the money sitting in the bank is more of a liability than a nice income stream.

Sit down with a mortgage broker, get pre approved and you'll find out what you qualify for, and you'll get an idea of the cash you'll need in addition to the minimum 3.5% down payment.

Still sitting empty after a year and really not much closer to collecting rent.

The property sits on several acres.I have read of scenarios where you can claim a percentage of the property as your primary residence to reap the benefit of the 121 exclusion ($500K Exemption), and the other percentage as investment property to earmark for 1031 exchange.

No, I don't have a spare $10k sitting around at the moment or a slew of million dollar homebuyers on call (tho they'd be paying a fraction of tht million dollar price), but remember, this is all hypothetical coming from a thought I had while looking over my list.

If you let it sit there for 12 months, you intent is still held for investment and you would run the risk that your 1031 Exchange would be disqualified under audit.

If you have a realtor getting paid for the deal have them sit in on your behalf.

I have found it a good idea to sit down with a lending specialist at the local branch that does the most investment properties and ask what you can do to be the most attractive applicant.

I will sit down with my property manager and go over the screening process .