@Ed O. and @Lesley Resnick - since you were the only ones who ever chimed in on this one and I happened to logon, which is too infrequent these days, I figured I would update you...This is how it went down...1.

Moved to Jefferson City from Florida in December 2022 and figured I'd give this real estate thing a shot.

They're going to require that you file a form with them every single year (it's Form 3840) and on this form you need to report back that you still own the new investment property, and that you haven't sold it and haven't received the income from the sale. 

If the properties rent was 1% of the sales price, you would have a good chance at cash flow. 

@Stephen Bruce, signed estoppel for each unit as part of due diligence under the sales contract.

I've met partners, lenders, contractors, essentially my team and its been incredibly valuable.I also recommend finding someone in your market doing what you want to be doing at a larger scale and figuring out a way that you can provide them value.

If all goes to plan the sale / refinance should help me complete the next one, and line up nicely with the conclusion of my year of owner-occupancy in my current residence. 

There may be a trend of sales going up, down, or stabilizing. 

Also, there are lenders that will quote really low rates that aren't possible in the current market and once you have paid for the appraisal and wasted a lot of your time, they will change the terms and up the rates because they figure you are in deep enough so you will go along with it. 

We purchased one at the beginning at March (almost 3 weeks ago), had been told by the foreclosing attorneys office that they were awaiting on the DUP on 3/14, and then notified via email from their office that their client had rescinded the sale on 3/18.