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[quote=Anonymous]My husband and I make about 190K per year, I contribute about half. I'm leaving my job this summer to pursue a professional degree in a field that I love but will leave us in quite a bit of debt. I should be able to leave this degree and make a much higher salary, but that won't be for several years.

We're moving to a moderately priced city to do this. We have property here that we should easily be able to easily rent out and make about $100-200 on every month (hopefully more), but we still owe $200K on. We have a 6 month old that we've saved enough to pay for child care for the next 6 months to a year.  We also have about $50K in savings, not including retirement. But, we haven't put very much into our baby's college savings.

We hope to purchase a home in the new city. We plan to be there about 5 years. I was hoping to purchase a no more than $200K home, but it looks like home prices are increasing and we may need to shell out more. Homes in this city are quite awful and will need at least minor renovation (more than just a paint job) to make it even remotely something that we'd want to live in.
 
So, here's my question.

1. Do I really need to put 20% down? I'd like to have some actual cash in savings for emergencies.  
2. Can we somehow convert some of the renovation budget into the new mortgage?
3. If we don't find something we love, would it make sense to just rent a place?

Apologies. I've always been anxious about money, and we put 20% down for our current home about 8 years ago, so not doing that also worries me a bit. But I hate to rent b/c I equate it to just throwing money away. And I'd love a home, a real home (not just a condo) for our DC.

TIA[/quote]

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