That coupled with efforts to revitalize the city make me optimistic that while the city isn't growing [yet], it probably won't be shrinking anytime soon either. 

Also, if you're married the capital gains exclusion is $500,000You can also add to it the cost of any work/rehab you performed on the home that improved or extended the life of the house (known as the adjusted cost basis). 

You'll learn the same stuff, if not more, applying that money to a down payment on a property, and then you'll still have the property at the end, with the mentor program you'd have nothing.Anyway, I can recommend a couple of real estate specializing attorneys in Rhode Island I have used for multiple transactions, and will PM you their names/info.

I'm  already working on a couple of these strategies but you helped me so much in just the way I was thinking about it. 

The lenders will normally not verify the funds until a couple days before the mortgage commitment. 

@Sam LLoyd the loans I qualified for online with my credit score were around 4.5% some around 5% a couple around 4.3%.

I much rather struggle and not pay a couple bills vs. loosing our home.Driving Lyft every minute I can. 

A couple of "simple" ways to help mitigate this problem is to make sure that you 1) find and buy a deal well below actual market value and 2) have ample cash reserves.

A couple years ago I helped my dad buy his soon to be retirement home, as it was a perfect situation and we couldn't pass it up.

My Partner has flipped a couple of houses and has made a decent profit.