There is a HOA foreclosure i am interested in purchasing at the auction (Texas).

We are purchasing a house with the intention of living in the house for a year and turning the property into a rental.

I have a unique situation that I cannot seem to find a very clear answer for, hopefully the BP community can assist.My wife and I got married last September and now live together in a house we purchased together.

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That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

That's two loans to purchase one house and is a great way to over-leverage.I also disagree with selling.

The biggest thing that sticks out to me is, if the property is in good enough shape to qualify for a conventional mortgage, there is a larger pool of potential buyer, so there may not need to be enough spread between purchase and ARV.

What is the total purchase price of the property?

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

Why do you think purchase contracts are so long and have such small print?