@Sterling Cox Thanks for the tips!

Back then, I was really young, I had no money and I had practically no credit so at that time, owning a beach place was really just a pipe dream.I found BP more by accident than by anything.

Feel free to PM me and I can give you some tips on college tax planning.

Do I work on paying that property down and using a home equity line of credit for my next property?

At the time of purchase the buyer is credited with the deposit and rent premiums, which they lose if they do not complete the purchase or are evicted for violating the lease.Do I have that right?

My credit is also fair, so that is not good, but it is also not bad. 

Just trying to learn, will an irrevocable statement (mixing another language like an Irrevocable Standby Letter of Credit / Irrevocable SBLC) or something similar of an instrument where both parties cannot take back what is in writing UNLESS another instrument is provided before the original is due.

This way you can help them out of a bad situation and possibly help them save their credit by avoding forclosure3.

I think I would be lucky to qualify for a loan of half the amount of what I estimate the property to be worth.So as of now I'm saving (5k now), keeping my credit score in the "excellent" range and trying to learn new ways to fund my first investment even if it isn't purchasing the multiplex I live in now. 

Hello,In the next month I will be closing on a property in Baltimore which I would like to do a historic renovation/CHAP tax credit.