.* You do not have to prove or document their ability to repay.* The note must have a fixed interest rate for five years, and at the end of five years the interest rate can increase no more than two points per year with a cap of six points above whatever you started at.

If you have lived in the unit for 2 out of the five years (and married even better) you may have the ability to avoid a large taxable gain on the sale - thus getting LIQUID and ready to bargain hunt WHEN not IF the Downturn happens. 

Also, I fall a little bit into the category that rents slightly below market price may be beneficial in retaining a tenant and/or ability to raise rents while retaining a tenant.  

This would escalate you to paying more in taxes.Of course one would have more cash to buy another rental if your Primary mortgage is paid off and that would be moving from on mortgage to another one. in a sense giving you the ability to have another mortgage with more property.So I'm thinking if you get rid of your Primary mortgage you should get another rental right away, Any thought?

You must also be able to prove the ability to purchase the property with cash or pre-approved financing.

I don't necessarily need all of my equity out of this home but currently have the ability to withdraw some through a HELOC to give me some short term cash options.  

I heard Bill Murray's group is building a development near downtown Charleston using containers, a high rent area, which may be the sweet spot for this product, vs the country where folks can buy a brick ranch home for $50,000.One advantage I see is stack-ability: if you can get around 3-5 units high, that could offer nice benefits on tough/tight sites.  

., a portion of its income will be added to your ability to service the loan, but you will still likely be required to come up with 25% deposit if for an investment - and they will only be lending that remaining 75% on the PURCHASE price, not what it should be worth!

Practice smiling when you are alone.

I plan on calling the tenants today or tomorrow to ask them about their income/ ability to pay rent on the first and then possibly after interviewing them to offer them a year long lease.