I don't own a home, I am currently in the market. The opportunity to purchase a rental property has come up. I am interesting in this property as a rental, but not for my primary residence. How will this affect my credit score, my net worth, even my ability to own this property?

All normal guidelines will apply concerning investment property.....Loan To Value (Down Payment Requirements), Income Verification, Credit Score....You may still have to provide cancelled rent checks to prove housing payment history, and you would more than likely be able to use the rent from the property as additional income, which will offset the new mortgage liability. Other than the rate and down payment being affected by the fact that it is investment property, there is no guideline that says you have to own a principal residence before you can own a rental property. Call me if I can be of any assistance...pre approval, etc.