So I started my own software development company 7 years ago, this allowed me to work from home and stock away a decent savings, but I knew I didn't want that long term, and rentals was always the end goal.

So I started my own software development company 7 years ago, this allowed me to work from home and stock away a decent savings, but I knew I didn't want that long term, and rentals was always the end goal.

I have been saved from renting to fakes this way.

I’ve been saving for about three years and have about $25,000 saved up.

We’ve put in offers but a lot of condos either need to pass a survey by the lender or we need to put 25% down which would wipe out our second mortgage and most of our savings which I don’t feel comfortable doing.

Worth approximately $110k.The monthly payment is maxing us out but working a 2nd job to save up $$ for the rental property, but that's going to take approximately 1-2 years before i can save up enough for down payment + rehab costs.  

Sometimes the little extras can save you on the carrying costs. 

Save up, pay cash, get reliable but a good value...the best rule of thumb to live buy is put as little of your money into things that go down in value as you can...which is basically everything EXCEPT Real Estate....and maybe stocks...but basically you are only authorized to buy real estate from now on haha..I am half kidding...half.Pay off the debt, cut the expenses, save money like a crazy person and keep doing what you are doing...Live in flips are one of my favorites....even better, live in flip plus AirBNB for part of the year in a hot market airbnb market

I was thinking more along the lines of a 'travel expense' write-off from the business, ultimately treating my unit as a rent/travel expense/hotel which is why I was getting confused.

Agreed, the owner likely just Thinks he needs to do this....no mtg, legal or tax savings reason for doing it.