I am no where near ready to make a deal, however i am all ears to all advice and making new friends. 

I am studying to become an agent, and studied land development in college; through my education I have been able to connect with some players in the industry and once I can lock a deal I will be immediately reaching out.

If you're needing a place to move into and are able to obtain FHA financing the first option you mentioned of moving into one of the units is a great way to get into a property for little down and lock in financing long term.

Hi BP Community-Is it prudent to purchase a property that needs rehab before you have locked down a contractor to make the renovations?

My question is... should I just continue to rent and let the equity build or owner-finance and lock-in a sell price and establish a larger monthly income stream?  

Presumably you locked in fixed rate mortgages and so even if rates increase, you are not affected by those rates. 

With cap rates at 6-7% and the ability borrow (and lock in a 30 year fixed rate) at 4%, you would be taking less than full advantage of the timing of your windfall by not seriously considering loans.During the crash, most of the people who got in trouble were bitten by adjustable rate mortgages and 100+% LTV.  

He should be your eyes and ears for everything.

Granted I'd love to lock in a rate with a traditional mortgage but I would have had to wait six months to do so.  

if anyone has an attorney they could recommend that prices well for a smaller situation, I'm all ear.