Hence the need the for an option agreement which states the terms that must be satisfied in order for buyer to purchase the property ( payments of $X every month for a term of Xmo/yrs with final purchase price being X).

Wife and I are about 35 yrs in age. 

One I can renovate and sell after 2 yrs, but I'd rather build my own if at all possible.  

Fully paid off. 5 year lease/5 yr option with a really high credit, nationwide tenant.I'm looking to do a cash out Refi for 3M with a sub 4% locked rate amortized over 15-25 yrs.

I'm 30yrs old and have been an electrician for 13 yrs, I currently live a high liability no asset( except house) life style.

when I was 25 yrs old, just out of the US Marines, my boss who bought and sold 3 properties a week said:"If you believe you CAN succeed or you believe you will FAIL, You Are Right!"

20 yrs on an FHA loan should be cheap money and refi costs to get a 15 yr mortgage vs the 20 yr you have aren't making sense to me.Thanks.

Better than that little tougher but possible. 650 in KC would be a 130k duplex with tenants from like 10 yrs ago...

There is a lot there and I would prefer others go into more detail.The main thing for your safety is to get enough cash down that if everything went south you have money for foreclosure, and possibly some repairs and taxes etc.I would not go 30 yrs under any circumstance.

I'm not really looking for cash flow, more a way to get started in a stable neighborhood, possibly capture some appreciation over 5+ yrs but i'm not counting on that.