It's far from the 2% (or even 1%) rule, though I kinda doubt that's possible in that area right now.Purchase price: $179k + $4k or so in closing costs. $120k mortgage at 2.75% (5/5 ARM).

I noticed there were some flips sold in the same block.This is my first investment property in Baltimore so I'm eager to learn as quick as possible.  

I have read it might be possible to do a complicated system of owning the property and then leasing it to a trust you own in some form in order to benefit, but it seemed sketchy at best (tax avoidance strategy).I do intend to use the s corp election for Flipping as you suggested, every little bit helps.Thanks again for everyone's advice and information.

It is possible to find a bank that doesn't care but you will have to do some scoting. 20% down for an investment property would be a dream, most lenders want at least 25% down, some even 30%.As for you rent is that what market rates are in the area you're looking at buying in?

I was looking into the possibility of starting one up myself since there's definitely a need.

Keep an open mind to all possibilities but still do your due diligence on anybody you meet here.

Last week I talked to an agent re possibly selling an Oxnard home.

Possibly considerately better, depending on your experience.

Always do the math analysis and try to look at your prospective properties before you make an offer or at least have a clause that will protect you for some time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.Right after you close on an improved property get an insurance policy that will protect you if there is a loss.  

Is it possible?