Suffolk is growing strong though and is where I invest.

I did some research and decided it has a strong job market and population growth.

Homes all around us began dropping prices, but it didn't lead to more interest, so we held strong at a higher price waiting to see what happened. 

For the next year, insurance is paying top dollar for rentals, and after that, there's still going to probably be strong demand like before the fire. 

I'd also strongly consider getting a CPA on your team.

Under the 50% rule, $700/month is eaten up if the gross rent is $1,400, and the other $700 will go to the mortgage (I think it's 680 or so), which means net rental cash flow would be nothing...not a very strong case to rent@Daniel Burke Not *100%* decided, but that was our knee jerk reaction.

Jose,I think the El Paso market is very strong.

I am brand new to REI and I am looking to educate myself and learn as much as possible. 

I also do contract for deed, low closing costs but I strongly suggest you close a CFD at an attorneys office (gives feeling of official and legal,,, which it is).Have a written contract for performance, quartlerly inspections and penalties if no work or poor quality.The summary is:  these rarely work out. 

I’ve made the decision that I will do everything I can while in school towards building my brand as an investor and agent, I’ve decided I want to own and rent out a property at least by the time I graduate.