For one thing, condo associations (with support from enough owners) have the power (and the motivation) to severely restrict your ability to rent at any time.

A powerful combination, Use it.

My experience is limited, but I hope to contribute as is feasible as I take my licks in this arena.

There are limits to going lower and any of that money that isn't spent on property will be taxed (called the boot).Things get tricky when you do combos as an option, then you run into limits of how much they can be worth etc etc.

You could legally form a Limited Liability Partnership that would give you some protections.

His exposure was limited he said.

The deadline is very strict, and the custodian must receive the money by the deadline.If it's anything other than A or B - there could be some important complications.Once you acquire the property, ideally you should limit your personal use to no more than the greater of: 14 days, or10% of the total days you rent it to others at a fair rental price.If you exceed this number, your tax deductions will be limited.And when I say "personal use" it does not mean just you.

@Aaron cayabyab - FHA Loans have loan limits.

EG ... the 155K will give you purchasing power of 700K vs your current asset of 355k or 2X owning 1 unit.My thoughts - happy hunting!

On a residential mortgage they will limit you to a certain debt-to-income ratio (DTI).