I completely understand the potential pitfalls and will definitely keep it in mind as I plan and file taxes moving forward.Exploring alternative options such as commercial loans, private lenders, and hard money lenders is a great suggestion.However, I think that the FHA loan is what would better fit right now.Thank you once again for your valuable advice and encouraging words.

Are there potential risks I'm not thinking of?

This includes setting up ownership structures, rights, responsibilities, and contingency plans for potential disputes or changes in the partnership.3.

I-Bonds, offering inflation protection and potential CPI-based growth, are worth considering, but keep in mind the one-year holding period.

However, self managing could potentially take a big chunk of your time.Speak to a reliable PM like @Chaim Lampert for more info

My question is considering the above, what strategies exist that would allow me to leverage the free and clear condo such that I am expanding my portfolio, or am I kind of stuck in a holding pattern of waiting until these existing leases expire, and then potentially selling the properties?

Firstly, it allows you to quickly scale up your REI business by engaging in multiple projects or pursuing opportunities in a higher price range that may exceed available cash reserves.

I also see quite a few potential on the open market with fixers.

be mindful that those involved in the military are provided an 'extender' on their section 121 exclusion eligibility.Depending on the appreciation on the property(if there was), you may want to consider taking advantage of section 121 as the excluded gain may be higher than the potential cash-flow that you can get on a property.

Without credit information, how can I handle potential issues like unpaid utility bills?