Tax-Advantaged and Tax-free Investments are set up to encourage people to start Investing and try to realize the American Dream.

He spent 10 years working around the clock, became a parter in the firm and had to work even harder for the following 10 years etc etc. he is encouraging his kids to go to college but is begging them to go learn real estate development, construction, syndications, flips, or at least get in as real estate agents etc That's my opinion and may experience in how I have seen some people become free over time and others who got even more sucked into working around the clock.In case someone will say I was privileged to have had a dad who was a developer, you can just start as a real estate agent and grow from there, so long as you end up doing your own deals and not live off of the commissions only   

Since your a newer investor, and unless you have a specific reason why you want to go the Seller financing route, I'd strongly encourage you to go the 'traditional' route through a bank for financing.

@Dave Spooner thanks for the encouragement.

I always try to have words of encouragement for everyone, but there are a few things you should know.I assume you are aware the property is in a rough part of town, so it will come witha few management isuues.

Again, I would encourage you to explore using a low-down payment conventional mortgage instead of FHA.What about pest control, lawn care, snow removal, and admin/professional fees?

Speculation on what we should see over the next 6 months is encouraged on this thread!

"Cheating" is not something I'd encourage since you may be bordering on fraud, which in a loan app is prosecutable.For reference, read up on 2009/2010 and RE loans.

@Brady Hlad If you're new to BP I always encourage people to use the search bar.

@Joseph Pochinskas - It is definitely okay and I HIGHLY encourage you to just go with the 2 flat and keep moving forward.