But the hard part is I want to live in a nice area and nice areas tend to be much harder to get positive cash flow (assuming I imagine I'm paying myself normalized rent prices for that area).If cash flow is so important, which it is to me since I'm basically trying to build up capital for future investments, maybe it's better if I rent some place cheap with friends and buy a less expensive property in an area I don't want to live (really south when I'm trying to stay closer north).

Assuming a mosdest gain of 5% appreciation a year after 5 years the home is worth $638,000 and you still owe $500,000.Always remeber that with a Intrest Only loan you are gambling on your home appriciating.

Am I safe to assume that this loan is a first?

Virginia takes as long as 2-3 months to start your first day of work at an office, and add on another 1+ months until your first closing (assuming you have a ratified contract in hand the very first day you show up for work, which is not likely).

You are still young and I assume you still live at home.

Obviously people arent going to flock to the house but (I know there are alot of questions and answers here, but im just looking for general information, im in the process of getting a bunch of literature to read) what can I expect to pay (assuming I get a 100% loan) out of pocket to get the rental property started?

You can do 'in-season use' during the week, and not give up much income either, as weekends are always more popular anyway, you pick which days your unit is 'off the market' and they just make your unit 'booked' in their hotel system those days.2% rule is so far away I'm ashamed to ask about it.Cost: 195,000Annual Costs:Taxes 1633Gross Rents 2012: 24,300Annual Condo Fee: 6000Pay 22% to the front desk: 5400Pay maid fee for booked nights: 2000Pay parking fee for booked nights: 1050Electric: 1200Netting: ~7200/year or $600/month for P+Iso... to get to cashflow neutral ASSUMING NO ADDITIONAL REPAIRS(which is quite a bad assumption).

Not knocking the few that are really good, just the many that are below average.I've done about 30 seller finance deals, in the old days on "wraps" on FHA and VA fully assumable loans.

Even assuming they're charging $600 for labor on the door, that leaved $4K for the deck, or $40/square foot for labor and materials.

A photo id or two should be required and each signature must be witnessed by the notary.Based on the two states, I would speculate that each signatutre must be witnessed by a notary in that state at the time it is signed--assuming you can't get the parties to appear in front of the same notary.