A lot of lenders are starting to offer this product as well in response to the economy.Are you looking to purchase a condo in the Phoenix area as an LTR?

If I purchase this cabin, I want to do a complete update which would require parting with most of the furniture, so I have a few questions:1.How do new owners remove large and numerous items from a cabin if you are remote?  

And I'm trying to understand, Is it the house I'm getting qualified for purchase, or is it loan for the reconstruction of the house I'm being approved for.

The answer to your question, in my personal opinion, is to do exactly what you're looking to do in the future, right now...invest in small multi-family (up to 4 units) that you can purchase below market value in developing areas in order to capitalize on the appreciating value...but to do it with properties that also have lower entry costs, strong rental demand, positive cash flow, and with lower property taxes.

Ability to purchase and hold in a high appreciation market where LTR rates may force you to come out of pocket.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

We are bit younger than you but purchased few rentals 2 states away for our daughter to learn the business. 

Walking back an agreement where you split the mortgage 50/50 and he pays utilities may be difficult and could stress the friendship. 

Are you interested in purchasing any investment properties yourself? 

A follow up question:Is it true that if Monthly rent is >= 1% of purchase price should be considered as a good investment and which does not meet this should not be considered for good investment?