There were loud cheers coming from the residents!

Since you are a first time buyer (Newbie Investor) try NACA it's home buying program that make the home buying process affordable even in NYC, there program offers all type of assistant and their interest rates are always a% lower than whatever the interest rate are.If you decide to go through NACA for your first investment they are not going to allow you to flip,part of the terms is that you must use the property of choice as your primary residence,however you can purchase multifamily.

@Zac Gilliam I have talked to handful of conventional lenders, and so far the consensus is that I'll need 20% down unless I use the property as my primary residence for a year.  

Well, I am excited to mention he resides in Burbank and has asked me to partner with him on flips and holds here in Fargo.

Also, since its now your primary residence it makes showings to potential tenants much easier.  

But you can't give any guarantees to the seller.If you leave the tenant buyer to their own devices and do not consul them on improving their FICO score and their debt to income   But doesn't look good for you as a lease option agentI recommend you look at upgrademycredit.com and ask for Blair Warner, who has a huge amount of experience helping people increase their FICO Score, and in  loan origination in generalAnd he resides in the great state of Texas, but does increasing of FICO score consulting business in all 50 states.

I guess I am a little obsessed with this house but just reallly getting into investing and afraid this would be biting off more than I could chew.I was actually inside this property about 4 years ago because I was in contract to buy it as my primary residence.

I am currently residing in Columbia, MO.

What I am addressing here is the reduction, discount, or even waiver of rent in exchange for labor provided by a tenant, especially when such labor takes place on/at locations other than the tenant's residence.

I have a bldg where nothing is separately metered so I build it in to my marketing of the units, but for sure residents probably don't give a hoot if they leave on the furnace, or lights when they go out. :-( There are companies who do the separate energy  billing for you, however.