It makes no sense not to get one to save a few hundred dollars when you are about to spend hundreds of thousands of dollars.

Knowing that it needs a lot of work I want to be able to save as much off the rent for large investments into the house as needed.What do you all think?  

As you start acquiring additional properties keep the 100K in a savings account until you've used up the proceeds from the two condo refi.   100k in CASH looks great to underwriters.You should only be putting down 20% on these new acquisitions.  

My goal is to get a duplex, triplex, etc. so I can start saving more money and live rent free, and in turn invest more! 

I just tell them it saves both of us time.

We financed this home at 80% LTV through a local bank (here is where I would have saved my capital and gone with FHA or another low money down strategy had I had the foresight, but alas, "it is what it is" as they say).My plan is to eventually use 1031 to trade up to 8+ unit buildings, then parlay that into either apartments, mixed use, or commercial down the line.Going forward: House hacking the duplex is clearly not the ideal situation with a toddler and a newborn.

I'd say analyze your rental market and if the numbers look good to you, save that capital and do more deals.

I have no saving, I have a part time job, I have no money and my credit is horrible.

I have been looking for people to network with and have not had luck till i found BP via online podcast.  

The Independence City Council meetings are broadcast online at http://www.ci.independence.mo.us/City7/VideoEvents , but I don't think there is a way for people to ask questions remotely.The meeting is tonight, 6 September, at 6 PM Central time.Matt R.