As of this year, my understanding is that the premium applies for the life of the loan, not just the first 20% of principle.

They were a real PITA but the Dept of Health was very understanding.

Odds are there is deferred maintenance that you will need to account for. 

The APY rate they charge is about 8.9% (which i understand is similar to private money rates ±). 

I understand that it's also possible to sell directly to a buyer who doesn't mind that the property might have unclear title; you just have to disclose all.Please keep us informed about how it goes for you!

(I understand that some investors don't prefer condos due to the HOA.  

Yes, I understand the deductions are not 1-1 but that would still be huge considering how much I pay towards the rent.

I've saved enough for either my first house, or my first real estate investment -- and am coming to understand that it may need to be one in the same.

 @Gino Barbaro Thank you for your reply and I totally understand the motivated seller logic.I just wonder other than good brokers,any other good ways to identify motivated sellers?

We are looking for recommedations for agent/broker/realtor in the Fairfield County Connecticut area.Wanting to build a relationship with someone who understands REI.