The other thing that the Agent doesn’t tell you is what your chance of getting the property is - This is like Gambling - it’s like rolling the dice that you will get the home you are applying for.

Enjoyable was a poorly chosen word on my part.

They are gambling that FHA will never check in that first year or they have the ability to refi out of it if they do. 

The old adage on BP is don't buy for appreciation that's not investing but gambling, however if you invest get good cash flow and get good appreciation its a home run. 

All the best in your chosen endeavor.

i cant even begin to respond to that.You have the property pending, good for you, if the guy is a great credit risk and has at least 20% down i bet it will appraise. how about this we have an independent appraiser chosen at random appraise it, if the appraisal comes in lower than 30k you apologize publicly for your misleading website and pay for the appraisal, if it comes in over 30k I will apologize publicly and pay for it.  

Also, pay attention to the amou t of renovated homes, and homes under construction in any chosen area. 

But once I started taking it, I knew my stuff so the nerves went away.I haven't chosen a broker yet but met with a few.

I keep getting the message? Can someone tell me what I'm doing wrong. I used to be able to post just fine.

Most likely in an expensive area like California your cost per square foot will really make this conversion worthwhile.Lastly, if you are going to take the gamble, make sure that in worst case scenario that you will at least recoup at least the same amount of money you put in, and that the house will sell faster.