If your investment is dependent on appreciation to be successful then you are just rolling the dice.

I am ready to get things rolling, however, I am reluctant to begin without pursuing legal counsel to go over my contracts.

When you close on the house, both the mortgage and 203k loan payments will be rolled into one payment. 

But your strategy enables you to decouple the sell and the buy transactions, so you can buy low, then later sell high; or better yet, buy low, buy low, buy low, and never sell.After you get a few of these rolling you can do some really fun stuff to accelerate your growth, like cash out refinance a rental and boom, there's a down payment on another rental.

I think, if I'm not mistaken, the only thing I can do with a Simple IRA is roll it over into another Simple IRA.

As far as I can think of these are my options:The seller can carry a note on the condo for the 50k differenceI can give the seller a 2nd on one of my rental properties for 50k as security for a noteI bring 50k cash to close ( I don't have $50k additional cash )She reduces her sale price to the appraised price (not likely )Roll the dice and try a local lender that the realtor suggests (realtor has asked this several times)I have asked the seller to reduce the sales price to meet in the middle, but for discussion lets assume the price will not change.I haven't talked to my lender about what I can do but I thought I could get some ideas here before inundating her with requests and questions.Some general notes.

Hi Greg, thanks you and congratulations on being a new home owner.Its an exciting journey Real Estate Investments, and one that never ceases to amaze me with what I can learn from other people. 

The roof needs to be repaired, but roofer is recommending a full replacement.The roof is flat with rolled asphalt.

It is amazing how little it takes to Control so much.Some of the words and concepts that can be used when trying to create that great transaction-----Right of possessionDelayed settlementCheck fundsContract candy - buyer incentives Meeting of mindsBanking daysAssignment Release of liability Hybrid offerAbsolute auctionSubordination Stutter clauseSubstitution of collateral Principal mortgageRight of first refusalSplit notesChattels for deposit and tradeFront porch clauseSeller participation Bidder buyers bonus Tax deferredPiggy back transaction Seller refi for take overShort joint venture Option buy backCreating financing works better than conventional financing all of the time.One of my favorite formula is Control & Roll - a method of Contolling real estate with a skinny contract offer and fast turn over for a cash profit.JD --- I hope some of these ideas will help you in search for profits.Charlie

Let's try this....max of FIVE rules per person (top 5), label them YELLOW, RED, RUN(somewhat subjective, but gets the ball rolling) .