My tenant lives in the unit above me and has been there since before I purchased the property (She is also a section 8 recipient).

If you have recently rented it out you may be able to use departing residence rental income to help you qualify for the new purchase. lenders will use 75% of the expected rents. 

I finally start my full time job, report 60k a year, which is not very high considering where I live and my home purchasing power.

I am looking to purchase land and potentially rental property using a self directed IRA.

Purchase price: $390,000 Cash invested: $40,000 A rare off market twin in Bala Cynwyd!

I did hear on one of the videos I watched to try to purchase off market. 

I’m looking at purchasing an old single family house on a 25x100 property with 25’ of frontage on Summit Ave. in Jersey City’s Heights neighborhood.

@Victor Olaniyi I would go to as many local meetups as possible so you can meet agents that are actively seeking business in the areas you want to purchase in.

Lucy,It does look like you are referring to the minimum interest, or prepayment penalty, of your existing lender as well as the 'seasoning' period of any potential new lender.Most HMLs won't have a prepayment penalty on a rehab-bridge loan, but a lot of long term refinance lenders would require a period of time after you purchase it before they would take the new 'after repair value' (or, seasoning).

I live in California, and am looking to purchase my first rental property in Illinois.