Folks, I could use some help here. The builder/seller has the basic structure ready. Electricity wiring is done. Sheetrock is going up this week. He's willing to sell AS-IS, or after finishing the house. Am I better o...

I have a feeling by your eagerness that this will be your principle residence?

The requirement is that the taxpayer taking the credit must own and live in the property as his/her primary residence.

As a former resident of Cook County, IL I can attest that they do!

Since you are a non-resident, some banks might require more down payment from you because of the risk.

I'd buy houses and be open to renting to either students or the huge resident population that staffs the service industries that serve college towns (guess which of the two is here year round and is thus the one I focus on).Tim

A small amount will reside into saving to buy another income producing investment.

I consider my personal residence to be a doodad I live in.

You may want to try to get your parents to cosign on your personal residence.

In a lawsuit, the residents of a condo building, or SHAREHOLDERS, can be liable and sacked with a small or very large "special assessment"I'd also watch out for any upcoming construction on the building, and any plans for construction around the building.