Next door house for sale but wife and I just purchased! SOS

[Andrew May]

My wife and I purchased our first home three weeks ago in May. The location is perfect for renters so our plan is to rent our home out in a year. In addition, the house next door is going to be for sale soon. We would love to jump on the next-door home but our cash flow is very low right now. Plus, our current loan requires us to live in our current property for a year, so an FHA won't work to acquire a second mortgage. Any ideas or suggestions would be wonderful.

[Dave G.]

@Andrew May

I bet you're excited from your 1st home purchase. I was too (I get a rush every time I even write an offer). And now you see the house next door to you every time you depart or arrive to your new home, driving you to think about how you can acquire it when it comes up for sale soon. 

Make sure your emotions are settled, and you're looking at numbers, or mistakes will occur that cost you a lot of $$. And don't risk your personal residence in the effort to acquire rentals. Protect your personal housing by not taking excessive risk with your RE investment acquisitions.

What if the home next door for sale was a mile away, everything else equal? Would you still be drawn to it, trying to figure out how to acquire it?