We have great credit scores and high income.

We're under contract right now for $480 with 2k credit back from seller to cover closing costs.

But it's definitely not a bad idea. 

Inventory was really bad March - July.  

Is this a good thing or bad thing?  

I have no debt (car paid off, no credit card debt, no student loan debt) and pay no mortgage on my current home, so the $3k is unburdened cash. 

I try to be conservative to ensure the first experience is as much of a success as possible because a lost on the first deal can sometimes scare someone from real estate forever.The problem I see with conventional A paper loans is that these guidelines from a qualification standpoint does not protect the borrower from a "bad deal."

Yes, even if the OF deal isn't on your credit, it would reflect on your bank statements and your tax returns.Biggest tip - get the property appraised so you don't overpay.  

So going with your plan you have two years to get credit.

My wife was p*ssed.3/24/16: Found BP and posted this thread: https://www.biggerpockets.com/forums/311/topics/29...04/01/16: Filed certificate a sale despite most of my friends, family, and coworkers telling me it was a bad idea.05/01/16: Paid my first lawyer bill (yikes!).