I'm sure if you attended a few meetings and really built relationships with successful people in your area doing what you want to do that $50K could really come in handy to get your foot in the door on your first deal!!

I think it is just a normal savings account in the child's name.

Would be happy to stay in this house for a long time except I'm an entrepreneur working from home, and if we have another child (which we're planning), i'll no longer have an office!  

I think she may have one child after I ran the property through a skip tracer.

Another thought, is to also impose a per diem penalty and maybe the lender can even foot the bill for it since it is not really the buyer's fault.

I just heard of the 4 or 10 mortgage rule and I don't want to shoot myself in the foot early by using HELOCs to buy cheap houses, then not be able to get a mortgage later for my dream home.

To be honest, that is a difficult question for me to answer, because you have a child and a wife. 

It's a way for you to get your foot in the door so to speak and it also has the potential to help you out financially if you want to go down that road.

Or if something was overlooked by the lender not to secure the rate and we are responsible to foot the bill.Thanks for the advice,Josh

Then credit unions again in their foot print..