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Updated over 8 years ago,
need advice on this possible deal
Friend of mine is moving, wants to get rid of the house. I believe it's worth about 75k. He has a VA loan on it which he took out recently. I'd imagine about a year old. He would like to sell it to me, but I am "not supposed" to buy it with VA due to the non owner occupancy. Well, I simply don't have the capital to do a conventional at the moment so are there any suggestions? I thought about possibly offering master lease. I would guess one could rent the place for 8 or 900. Mortgage should be around 5 or 600(taxes and ins).