Buying another cash flowing property and being able to continue to increase your assets and also increase your monthly income from your rentals.  

It's not something I'd want anyone to start playing around with.

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

I understand that Dodd-Frank comes into play As far as me not being able to live in the house.

I'm playing around with the calculators.

Continually learning! 

I can continue saving cash and wait for a deal or a reduction in pricing.

Once you have the conversation started, follow your Landlords lead with what he says to continue the conversation.I would suggest presenting him with a few offers to give him options between 3 or more offers rather than the option to say yes or no. 

He had played me pretty successfully against other investors before and I so I am leery of extending as he is ready to close though I am confident he is also willing to extend.

I'm the Realtor only for now hunting properties for a handful of clients to buy, but looking to invest in the same type properties and areas myself down the road, so I'm searching for properties as if it were my money in play.