You could just go FHA and buy a duplex, tri-plex, quad and take advantage of FHA 3.5% down and live in one of the units and rent the rest out.Underwriting the loans and the borrower for how much they put down has a main component of are they living there or not??

The first thing you need to do is define your specific goals--measurable goals, not just "I want to be a real estate tycoon," rather "I want to learn how to find good deals."  

But I have to ask both of you how you are defining "cash flow.'

Arthur) there except maybe for a small part defined as a square between hwy 347, Hwy 73, Hwy 69 and FM 365.  

Does the title company then pool together all the components of the closing process ?  

Definately a long term buy and hold, I honestly feel with the condition of this house, $100/month would be sufficient long term for capex.

The analysis component is a huge learning exercise for me and you taking the time to comment gives me huge help in knowing things I need to work on there.I am going to start a little smaller, there are so many amazingly helpful stories on BP and I don't feel I should make such a huge mistake that has already been made elsewhere and recorded on these boards!

It might be a good idea to define just how long "temporary" is.

It's best to clearly define what your objective is for net cash flow, cash on cash return and if financed, debt coverage ratio and how long it will take to pay down the mortgage through cash flow.

Awesome I will definately check that out here soon.