He should be advising you and working with you regularly to help plan and save.

Joseph M Thanks for the reference on oakland, i plan to read that tonight, and Jake Kucheck, you are exactly right, while I 100% believe that it is a sound investment, I think im more driven by the fact that i have an opportunity to make an impact and leave my footprint.

-Steven the Tax GuySteven, Please refer to the following excerpt from IRS Pub 523.

Ask for references!

All in all repair costs wont run over 8k for a place of this size.There are two other bids on the property, one from a cash investor who owns a another condo in the complex and another from a regular person looking to use conventional financing to purchase.

I visit Portland fairly regularly.

I'm referring to the beer can house that was featured on national TV about a year ago. http://www.beercanhouse.org/about.phpI wish it were the same story just down the road in Jefferson County.Best of luck!

I was Googling to see about FNMA delayed financing on primary properties in Texas (Texas has stringent primary property equity loan guidelines) and saw this post on investment properties.FWIW - we provide FNMA delayed financing for investment properties regularly, and what you are leaving on the table in terms of lost leverage as it is being discussed here seems to be incorrect.  

Will you share a reference(s) from your current client who runs a business similar to mine?

The last company I used basically used a generic word doc and it wasn't a very helpful reference.