jimmyle, on your 3rd question, you will have the loan on the condo on your credit report if you buy it. Therefore, that loan will factor into your front-end and back-end load when it comes time to take a loan out for another property. The *new* property loan payment will be contingent on how much your *condo* PITI is minus a projected rental income for 9 mos. a yr. IMO, you will only be able to borrow an amt. (for your *new* principal residence) that renders a mo. pymt. minus (curr. annual PITI minus 9 mos. rent) / 12.
This is something to think about before purchasing the rental if you have an income that is not rising and also have these imminent plans to purchase a principal residence for yourself AFTER purchasing a rental.
