But as you get closer to this no penalty date the "penalty" amount goes down each month.

With no experience or funds to get going on this solo (currently a bartender), my thought was to join someone who is already doing it and learn along the way.

Me and my wife currently have a sonyma fha loan.I have no other dti except for my mortgage payment.

No sooner had we even closed on the property than they found a tenant ready to move in.

Carrying costs are minimal, I bought all cash - no bank interest to worry about.

There's no fixed max size beyond local zoning rules.

The tenants were more interested in that than turning on the already-installed alarm system because there was no monthly cost.

There may or may not be a pre-pay penalty, obviously I would negotiate for no pre-pay.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

You are adding costs and complications for no benefit at all.

There are no simple instructions on how to simply skip trace someone's info.