And also to go through HUDs title company.

We also have a pretty steady economy and a desirable downtown  area!

I agree that flipping is the way to go, but in my area, I can't buy much.

However, my original desire to achieve financial freedom has just became stronger.

Since 3 bed/2baths are the most desirable among buyers, I have hired a contractor to turn the bonus space on the bottom level of my home to a 3rd bedroom (an option offered by the builder, but I didn't need it at the time).

You will find yourself in legal trouble should the current tenant decide they aren't ready to go, or their new place isn't ready but you have new tenants outside with a moving truck.

If a common practice in your market that's likely the easier way to go.  

Like I said in the intro, I've only just recently decided to "go for it".

Unless you want it vacant so you can rehab, in which case you might as well have it vacant during a time where you probably couldn't fill it anyway...you want it read to go, at market rent,  when the market for finding a tenant is hot.How big of a rehab and time frame to do the work?

I have a contact who can work with you to get you the money you need if that's a desire.