Step1: get a pre-approval letter from a lender. this pre-approval will tell you how much of a monthly payment you can afford and will give you a purchase price to stay under (60-75 days out)Step2: find a realtor to begin working with. if you don’t know a realtor, ask around!

So you would ask for, i.e. 45 day feasibility period (the time in which your deposit is still refundable) and then if by day 45 you feel confident and can start to move towards a close, then you will ask for a certain amount of time to close, but during that second timeframe, the deposit is now NON refundable.

Calculate the expected cash flow after accounting for mortgage payments, property taxes, insurance, maintenance, vacancies, property management, and other expenses.

So if you are planning on keeping it, my understanding is that you would only need to live there for 12 months in order to qualify for low down payment loan options if you wanted to purchase another owner occupied property.

Listed Rent would be between 3500-4200 per month depending on a local property management company strategy.We have assessed our budget and goals while in Europe and would not want to maintain a mortgage in USA (vacant) AND a rental payment in EU.further details: we are 3 years into the loan at 2.625% int, primary and only residence owned, house will need 2 new AC in next 2 years, water heater, and driveway repairs, would only rent with a property management company as we will NOT want to manage from abroad. 

This will affect how much you will need for down payment.

Establish interest reserve for each loan so there are no non performing loans to report2.

Unfortunately my credit took a huge hit because I co-signed for someone’s vehicle and got burned with them missing 8 payments.

I’m aware of two individuals who paid NWA’s $10k non-refundable EMD with the expectation they would receive a loan from Sherman.

It is far easier to non-renew than evict.