Nice deal.The advantages of buying three cheaper properties instead would be better buffer against vacancies, diversification, more opportunities for pulling equity out, etc.I think you are fine doing it either way.

The only solution I see in collecting first month rent and security deposit or going to the first time home buyer progarms and listed it there for a nice down payment for a rent to own?

@ Sanchez - If its a really nice retail area, you can push up to 70%.If its in a crappy area/low income etc, you will want to be even less than 65%.Look at what others that are buying in the area are buying at, that are then fixing and putting back on the market...this will give you a good "ballpark"

Sounds like you've found a nice little niche down there.

Nice work.

I would work on establishing credit and create a nice "nest egg" of savings.

One house was in pre-list stage as an REO and the bank wanted an independent value of it's worth because REO broker might show low value to sell it quick.I get there and the house is vacant but in a nice subdivision of expensive homes.

It's nice to have seasoned investors like yourself become part of the community.

It's really not nice to deceive or mislead an insured lender, they really don't like that and they have some very big hammers to smash those who think too much and try to mess them over.

Im figuring with a price concession and a down payment the monthly costs will be low enough to create a nice CF.