I'm 32 and my wife is 34.We have a good amount in our IRAs that we are looking to potentially tap into ($10k each per the IRS rules) IF we qualify under the first-time home-buyer early distribution not subject to the 10% penalty.  

Welcome to the site @Michael Flaig40k is a pretty good chunk to start with if you are able to qualify for financing and have construction experience.

I was looking at FHA loans, but they seem pretty strict on guidelines and the duplexes i have been looking at online are very low price and I'm worried they wont pass the home inspection to qualify.

Some places I've applied for a job as a simple cashier turn me down because they say I'm over qualified while others say I don't possess the qualifications and/or experience.

It seems like there are some pretty good benefits on the procurement side if you go owner occupied such as being able to bid before investors, qualifying for FHA loans. and using the rents as income on the qualification.

You could rent your existing free and clear prop for 6 months and then use that income to qualify for a cash out refi at 30 years fixed.Good luck!

If you can qualify for 30yr resi mortgages that is going to be the cheapest money you will ever get.

I hate being a landlord, need some cash up front, but want to look longer term than wholesaling or flipping.My question is, would it be better to offer this property to a df qualified person via a 3 or 5 lease option or with seller finance and a 3/5 year balloon, with dad and me being 'the bank'?

Hi Mark, The payoff of a seller's note 3 years later is not considered to be a sale of real estate but merely a payoff of an outstanding debt, so it would not qualify for 1031 Exchange treatment at the end of 3 years. 

If you called your mortgage company and told them that story would they give you a late grace period.