I didn't have to address that issue then because the first applicants (an MD and a chef) qualified.

If you are in doubt about your legal rights and/or responsibilities, please seek qualified counsel.

PM me if you want more specific info on rates or what would be required to qualify for the loan programs. 

While you're right that a lender isn't going to make a conditional commitment with no specific property CRITERIA, a good lender will help sort through some scenarios and help you determine your qualifying amount in each.From the sellers perspective, I think it really comes down to not wanting to waste the energy of getting the home shown (which, in a lot of cases with multi-family properties, includes giving the proper notice to tenants) unless they know the person seeing it is actually capable of purchasing it.On your end though, speaking with a lender will also help you avoid wasting any time looking at properties that simply won't work.Feel free to reach out with any more questions!

Nicole the term QI Or qualified intermediary for a 1031 or reverse 1031 is not an easy qualification to earnI appreciate all your posts Dave!

I make decent money, so I don't believe I will have trouble qualifying for a second home loan.

Since I was in Texas and planned on staying there I wanted to find out if I was qualified to take a test for a broker license so I got a license without taking anything extra.  

I used these guys back in 2011: http://theambrosegroup.net/ambrose-cost-segregatio...I'm not qualified to judge the quality of their work but my recollection was that they were professional and easy to work with.

It's not only you that needs to qualify for FHA but also the building itself and with low rents (rent control) 3 & 4 units hardly ever qualify.

Let me illustrate:Your current approach:Step 1: Look at 100 housesStep 2: Make offers on 10Step 3: Maybe get a counter offer from 1 motivated sellerCompared to the approach of virtually all successful investors which looks like this:Step 1: Find 100 motivated sellersStep 2: Create solutions for their specific problemsStep 3: Qualify the properties and probably buy at least 50% of them