Back to the drawing board.....It hasn't even been a week yet; and I only put an ad on Craigslist, I have yet to receive an application from the site.

This is especially important when a market is shifting positively or negatively or if the seller is doing a 1031 exchange with time requirements.So unless this listing broker isn't very smart you don't have a chance with the seller.

Yes, I am looking to do FHA because I only have enough cash for about 15% down payment (i understand that conventional requires 25% for investment properties, even if owner-occupied.I guess my main concern is whether or not I would be able to obtain a new FHA loan in a few years (after the 1st one is refinanced to conventional) since I would really not be a "first time home buyer" anymore.

I only say this not because I really think Pit-type dogs are bad, but because Maryland currently makes the landlord responsible for anything bad a tenant's Pit does.

Negative or low equity sitautions will still leave the end buyer unable to buy because of valuation vs. option price.

You have P&I on that of $262, plus all the other expenses associated with owning a property.

My spouse is an agent, so I only pay the buyer's agent 3%.

Is it a negative the house isn't vinyl or can you turn those lemons into lemonade and use it as a selling feature?

Due to poor grading and drainage for the last 25 or so years, there was a negative lip abutting the front of the duplex that had to be corrected.

Keeping everything else equal I only see $33/month in cash flow and 2% ROI.