We'd all be better off tax-wise leaving to our heirs of course.A renewable lease option is a cool idea i have tried.   

Structure wise I have typically found the deal and then put it under contract fronting earnest money & paying for inspections and then raised the remainder of the money.

In fact I believe we at the bottom of comparable homes price wise.

Investors were beating first time home buyers but once U moved up to homes that make zero sense to rent NUMBERS wise that changes back to a normal market.Where I see this in the reverse in is low value real estate markets were low value to me is anything at 150k and under.. they can flip flop go either way.. and investor dollars have propped up the market by purchasing what would have been 20 to 30 years ago homes that were only sold for owner occ purposes.. you pull investors out of some markets and they would revert to the mean. and what i mean by that is prices would crash hard.. as homeowners wont buy C D areas generally becasue of crime schools etc.. those values are propped up by rents and investors paying for a given cash flow.. and out of area investors especially.. what you think works  Say 1% rule or greater an out of area person may think .05 is just great.

So the question remains, is this a wise thing to do to purchase my first house?

Once it is stabilized you an can restructure the debt.With respect to Midwest or Florida, I think it would be wise to assess the risk level of both and then adjust the rate of return based upon the risk/reward. 

So I don't have to do anything special tax-wise to show that the assets have been transferred.

It would still be wise to set a minimum score requirement, much lower than 650, but the reality is that C class tenants don't place much importance on protecting their credit.

Combine that with a hefty LIRR fee, and lack of commuter parking, and you get congetion issues which force owners to sell in Li and buy elsewhere, further away in the island, somewhere by riverhead or outright not in the island.Rents are high, which is a good thing, but I am not sure if it would be wise to throw a huge portion of the rental income on property tax, when it could go into your home.

Indianapolis -- this one has been around for a whileCleveland -- I know zero about this market, but James Wise is active on BP.