Very good point.Regarding disclosures, is there a certain amount of standing water that would need to be disclosed?

Originally I was thinking to sell this place and move into a SFH or even a Multi Family and stay in it a year then rent it, buy another stay in it a year and rent it and keep moving along that way, but through reading BP forums and talking to some other REI it seems like possibly taking a HELOC and staying in this house a bit longer might be a good option because I will have a fair amount of equity.

I signed a one-year lease and moved in.Even if your tenant applicants can prove their cash income, the amount is still less than 3X your rent requirement.

Also, is there a rule of thumb for Earnest Money Deposit amount?

I think this Is quite popular    if not very dangerous for many.. and also you take out all those CC and your fico will fall through the floor so keep that in mind.I can see smaller amounts need for small flip projects etc.

As for permits, I did put the wrong amount, after checking with the city, based on our estimated repairs it'll be $865 for permits + $250 for the various inspection visits (middle and ending visits as well as various other inspections for certain trades like roof). $200 for a permit would be great. 

The down payment amount is about $12k total.

Perhaps shifting to work for a startup might free you up out of the corporate America's stuffiness.2) Devote More Time To Your Hobbies: Don't know how much free time you have, but perhaps you can increase the amount of time you spend fixing up dirt bikes and rebuilding classic cars with your kids.

Then if your lease is worded properly you can apply the next rental payment to that amount and charge them a late fee on the rent.Get a lawyer to review all contracts before signing one or offering a lease to someone else.

However, I've also heard that the government is lowering their voucher amounts so that they can provide more vouchers to more families.