Financially, would it be smarter to purchase a rental home first (if we find one for the right price) or should we purchase our own home first then potentially rent that out when we are ready to move again?

Currently we are saving about 65% of our take home pay.

We are working with the closing's title company - they are reputable and we have an open line of communication with them, and the listing agent, seller's lawyer, and the reputable title company have told us it's clear there are no liens - to make sure we are sufficiently insured in the title insurance, to make sure the title policy has coverage without any of the liens exceptions listed on auction.com:"Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"Is this the right approach for bank-owned?

We don't have enough experience to handle full process on our own, so we are looking for competent partner who can help us out on this one.

However what we are curious of out of that report is how soon they will be "Mortgage Ready," and then we will make sure that we give them plenty of time with the lease to become mortgage ready.  

Dear Mrs. tenant,We are excited to announce that our company is in the final stages of purchasing the building within which you reside, and I’ll begin managing the property on <date>.

Also, my understanding (as it stands now) is that you must "substantially improve" the property by investing an amount over 30 months equal to your un-adjusted basis in the property at the beginning of a 30 month period, and that 30 month period can be over any point of your overall hold period.This provides the opportunity for significant planning with regard to investor risk and uncertainty.Also, this is subject to change and simply an interpretation - I could be wrong as there are quite a few moving parts and many more that we are all seeking clarification on. 

Hey William,   after checking out your report,  if the property is in our area,  the monthly taxes is low or the assessment maybe low and will go up after you purchase,   and I didn't see a line item for insurance either,   you may have trouble getting a 30 year loan on a multifamily,  I'm sure its possible, we are closing on one this week,  20 year @ 5.25%.   

We are looking to acquire more communities but it seems most of the communities we're assessing in the Southeast/Midwest come with significant park owned homes (POH). 

It looks like we are going to close our first deal tomorrow and I have a question about the non-refundable deposit from the purchaser.