Also, the better parts of North Linden are where a lot of skilled tradespeople live, so its a great community to get involved with beyond just as a landlord.  

You can only have 1 FHA loan at a time unless you have a qualified life event and 15% equity in the property 

@Josiah Collins, Since Wendy qualifies for both the 121 and 1031 she can do a 1031 on the amount over the $500K exemption and get the best of both worlds. 

Hello Jake,I am not a lawyer, so I am not qualified to tell you what to do in regards to protecting yourself from liability, but I can share with you what I do.I like to keep rentals in their own LLC's as I think they are the most likely to draw a lawsuit.

OC is really expensive and I am afraid that your saving and income will be quite challenging for you to qualify for buy and hold.

The income will help you qualify for the loans you'll need together your business off the ground.

Only in search of prime office space near Union Station DC, what would qualify me with local leasing agents to lease?

I could see how knowledge of the market as a property manager could be a good skill in negotiating an acquisition but I’m a little hesitant to have a jack of all trades wear both hats and try to do both well. 

Anyhow, I've been doing alot of reading here on BP over the last few weeks to get "back in the game" and here are some questions I have about moving forward: Should I get pre-qualified/approved first before trying to make offers?

I have hard cash to contribute to a partnership and I am a highly skilled union painter/taper so I can contribute those skills to the rehab team.