Let me start with this:in HUD's Single Family Housing Policy Handbook updated in 2015 it says this: (Straight out of their pdf edition on the website) (i) Time Restriction on Transfers of Title The eligibility of a Property for a Mortgage insured by FHA is determined by the time that has elapsed between the date the seller has acquired title to the Property and the date of execution of the sales contract that will result in the FHA-insured Mortgage.FHA defines the seller’s date of acquisition as the date the seller acquired legal ownership of that Property.

Just passed my real estate license in CA!!! Probably broke the record for failed attempts but now that I've passed it I've taken my first real step into REI! As soon as I'm licensed I plan to sign up for my pro member...

I know rental rates in Charlotte County haven't quite blown up the way they have in Lee (can't find a rental house for less than $1,000 a month in Cape Coral)... but there should still be plenty of opportunity there with a buy and hold strategy.Financing can seriously increase your monthly rental income as it increases the number of properties you can own, but it eats in to a portion of your net profit as you are paying a for the financing, have higher costs of acquisition (think of the closing costs on a loan!)

Finally, if my property is in ny - will non local lenders do the deal? 

congratulations on your acquisitions!...

This should cover you acquisition and repair costs leaving about $9k for reserves.Again based exclusively on your numbers your expenses would be $329/mo.

Finally we found one we loved the day it went on the market and we offered full price and got the contract.

While I didn't quit "working," I am now all in.I recently joined a highly respected Commercial Real Estate Debt & Equity boutique firm where I am brokering commercial real estate loans for Retail, Office, Industrial/Warehouse, NNN, Medical, Mixed Use, Multifamily, Development, etc.I'm so excited to finally be in with both feet.  

We're glad to finally have you here!

Final and most important point, surround youself with people who are very knowledgeable and look at for your interest becasuse I have found in life that most things can be accomplished if creative thinking is done but most important planning ahead and that might, depending on your level of expertise, mean you need to find a few investors or CPAs, or investor groups to hook up with.I am investor and every true investor I have met, actually loves helping people succeed.