@Jonathan Farber the most important thing right now is to lock in your interest rate for as long as possible.

Everything above is correct, so as long as the money is paid back into the 401K within 3 tax years, all federal taxes will be reimbursed when you do that year's taxes.  

@Athita Covington Long-time tenants are awesome as long as they aren't causing trouble.

I buy cheap houses for less than 20k on average, so I told him for every 10 houses he does for me I’ll change his life and give him one as long as he continues charging me very little to rehab the houses (3-4k for complete rehabs).

@Orlando OrtizAs long as you have another place to live, you should be okay getting a portfolio loan with this arrangement.Stephanie

At such a low purchase price you'd likely be able to refi a good amount of your initial investment out of the property and start cash flowing as long as you find tenants.

In my opinion @Adrian Mociran it would be easier to sell them as R-3 so long as the city ordinances do not forbid building a single family home on an R-3 lot.   

As long as it is full time, you can use your base salary as qualifying income immediately.

As long as you have the APN  for the property you can use sites to see images and get owner information and so on. 

And yes, those hardwood floors in the living room were covered up for a very long time (as long as I can remember).