As long as they sell it when they can still claim to have lived in it for 2 out of the 5 years prior to sale then they will get the $500K primary residence exemption. 

I did something similar when I started I picked 3 cities after doing tons of research visited all 3 and made a decision.When I visited I saw they were building a new monorail in CLT and decided to invest there.Another thing to consider to make your life easier is compare flights from your home base.

The prior owner (of 12 years) lived in Seattle and managed the front as a vacation rental and at times rented the back 1 bedroom unit as a month-to-month rental.Currently, I am attempting to rent out the front using Craigslist.

What a time it has been...just wanted to let everyone know im good ( for the ppl that care) lolSo in my last 12 months ive done almost 2 mil already and pipeline is steady flowing.I am happy to say I have now accepted a position as a closing agent at a NE Cleveland investment firm.Did it all as a solo agent and i just wanted to say first to everyone here thanks for your words of encouragement and advice....This real estate has changed my life in so many ways...I got my first rental and currently house hacking, my mindset is so unbelievably unmatched compared to fellow agents.Things are finally turning around ( prayer hand emoji)

@Delano Covarrubias you can purchase a SFH right now (if it’s under contract prior to May 31) for 1% down conventional or you can use an FHA loan for 3.5% on a duplex. 

It's easy to understand the math when comparing APR's and return rates, I suppose it all comes down to commitment to a strategy and risk tolerance.

As a residential property, it would go for less than $200k, but since it's zoned for commercial uses, the seller is asking $600k.I'm looking up comparable properties on Loopnet and Craigslist to compare what similar land is going for in Garland.

sounds like you have a great opportunity. i recommend the contact for deed route. as you mentioned you can get a lower down and more flexible terms. if you can get a 10-12 year ballon payment you should have no problem refi'ing out prior to that with a conventional loan and pay off owner contract. i would try to get the per unit down. you could try to show the total amount you would be paying when you add interest into the equation and see if he will come down on asking price, at least to market if not below. as well as play up the continued cash for with zero management headaches. ultimately if it cashflows well and you have good fixed debt for 10 plus years my experiences has been that price per unit is less of a factor. cash flow is king.

Analyze 50 deals and network with a bunch of investors and you will learn expenses and market cap rates/comparable prices. 

However, the home inspector found mold in the attic and it doesn't appear to be "active" mold as it looks like it was resolved a few years prior when they repaired the roof.