With the FHA loan you will not need a really large down payment either so that is a plus! 

They haven't been late on any payments, but they are employees of his so if they don't pay he deducts it from their paycheck.

Many investors that use this strategy accept they are basically only having their mortgage payment paid by the tenants.It is a good strategy in order to get into the game.  

That way we wouldn't have a house payment. 

One last question, and again sorry for bombarding you at this time at night, so if I was to take out an FHA loan, the 3-5% down payment would fall under acquisition and the mortgage for the year would fall under the expenses right?

We didn't really have any saving to put toward a down payment on a house.

The issue I have is that I have some credit card debt thats holding me back making it very hard to save for capital for a down payment.

I have the ability to access a good amount of cash for a down payment on a property through a HELOC if I choose.

I have the ability to access a good amount of cash for a down payment on a property through a HELOC if I choose.

HER PARENTS BOTH HAD ALZHEIMER'S,HER DAD PASSED AWAY IN DEC,AND JUST TRYING TO KEEP MY PROMISE TO HIM THAT I WOULDN'T LET ANYTHING HAPPEN TO HER,BUT THE MONEY I HAVE ALSO CAME FROM A IRA FUND THAT MY DAD LEFT ME IN APRIL WHEN HE PASSED.I REALLY WANTED TO BUY A HOME WITH THAT MONEY AS A DOWN PAYMENT,BUT IF I THINK I CAN GET IT BACK LATER THEN I WILL BE THE HERO FOR NOW ANYWAY.