If this is your old personal residence that you simply can't sell, then it MAY be the best you can do.The purpose of owning rental property is to make money.

This area is largely populated by Indian residents.

Currently this will be my first and primary residence, but I'm looking for a place I can develop - which is my long term goal.

This is for a personal residence and not and investment property although our current home could become a rental property.For starters our house (by our house I mean my wife and I) is not on the market yet and the house we are looking to buy is teetering on the edge of foreclosure.

A garage is not a residence, so LL/Tenant laws generally don't apply (as long is it is not tied to the residence agreement).

In fact I'm moving my family up there (I'm being vague on purpose) tomorrow when we close on our personal residence.

It is in a community with 88% occupancy of housing and around 2500 residents.

If you have a HELOC on your primary residence you could use it to purchase the property.

I just called the lender who we refi'ed with a month ago on our personal residence which we had a HML out on.

I'm reading the book How to Find Hidden Real Estate Bargains by Robert Irwin and in the first chapter he mentions the possibility of buying a property at 50% off the market value.I am moving to a very expensive big city and am looking for a place to purchase as a personal residence.