@Adam Widder If you want to be an investor and do not want to wait 2 or more years to start from the day you get back then you should also be concerned with your type of employment. 

Waiting to hear back on utility costs..Here are my calculations:Purchase Price=300,0000FHA: 3.5% Down=10,500Payment= $1470 (not including insurance or taxes)Taxes=$2k/12=167Insurance?

She's applied for elderly housing in a few towns but in one of them I know the wait list is 1-2 years.

But if they are seeking to hold a property for any length of time and want their cash investment back there are some important rules to understand with conventional loan:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of....Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”...WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchaseprice.

I had also read about long wait times for rent money being deposited.

O'Fallon, IL sounds like a solid area to go for with the base like you mentioned and I'm sure that flood insurance tip will save someone thousands!

I could just wait & raise it later, I suppose.Would it be legal to raise the SD based on number of people in the unit?

I was just hoping to not have to wait almost an entire year to begin depreciation benefits on the second large payment.  

Brian Whitney I purchased a commercial building August of last year that has 7 suites, shared full kitchen, shared waiting room and restroom.

Sounds like you know what you need and are willing to wait for it, so your miles ahead of a lot of REI newbies ;) I'm sure something that better suits your schedule and goals will come along soon.