The grandmother still owes roughly 100 thousand on the house, and her power of attorney is willing to let it go to us for the price of the outstanding balance.

could all this be covered by a renter I'm sure there are lots of ways to make land work, I can't wait to hear more from this thread :)

Should I wait a few years, or should I jump in now?

And for sure on much bigger scale when I have flipped plats to national builders you can bet they are just waiting for us to not close.. and will swoop in.. its just part of the game.. win some lose some.. 

They say they are waiting to see if their company is moving to another state in October. 

A good rule of thumb to be safe is to wait until their current lease expires and then implement your rent increase to whatever you want (of course justifiable according to your specific market rents).

This house was under contract with another investor who pulled out.Carpet #729 (Fortune Cookie)Vinyl #AC432 (Sandy Brown)Tops #7734-58 (Jamocha Granite)The house comes with a 10 year warranty and all future repairs must be done through the company or the warranty is void.COST - $150,990 ($95.00 deposit holds the home with approved lender and attorney) ESTIMATED VALUE - $153,000RENT - $1,325CASH FLOW - $364I got financing for a 30 Year Fixed loan for 5.25% at 25% down Now waiting until July before I can do anything else.

I have to wait until 2019 when I have 2 years of self employment income to qualify for a mortgage. 

@Michael Plante FULL DISCLOSURE: no experience yet in commercial property (except MF residential) ...and only done rehabs, no building/development.Isn't commercial really just a waiting game anyway?

The students that where put on wait lists to get in and where accepted last minute, causing them to scramble to get everything in place.My gut tells me you want to close on a house in April, and be ready to sit on it through the summer if need be.