We purchased a new Designer/lower end last Dec. 2008. Location and newness were the most important criteria. Right after we signed the papers in September, 2008, the market tanked and unfortunately we are still working. However, the good news is that the rentals have actually been cash positive for us AND we will be using our home in TV about 8 weeks in 2009. And so, I guess what I'm trying to say is that it is possible to buy, rent and be able to use your property and still come out ahead. If we would have looked to buy in October, 2008, we would definitely not have purchased because of the market, however, as it turned out, I'm very happy we did. Good luck.
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