@Steve Kim  good deals and workable properties are where you find them.

I'm looking for a referral from a local here in Lake Worth or nearby for a part time bookeeper who understands real estate and setting up a workable system to simplify my business. 

I think it's awesome to figure out innovative ways to work guidelines to your advantage, but I don't see this one as workable. 

. - JakeHi Jake,Personally I think 5 years is too far out to plan based on  everything you're going through right now, making a plan for this length of time seems more of a wish list exercise than a followable plan.A more workable strategy might be to plan for buy number one only (figure out ALL of the details for that), then about 18 months later begin planning to buy number two.You have a lot of OTHER new variables pressing in on your time (and money), new baby, new home, new job, new city, etc...But some people like to plan far out..if that's you...then go for it...but I still think the time frames and details at this point are more of a wish list then a folowable plan of action.Good Luck!  

I think that it might be possible to rent for $1500 per month, or $1400 easily.Putting somewhat optimistic numbers into the BP calculator ($1500 rent, no utilities, 5/10/10% vacancy/CapEx/management) gives me only $22.26 cashflow, 4.09% CoC ROI.The other thing is, as I understand it, once I only owe 78% of the house's value, we can drop the $117 per month MIP (FHA mortgage was before June 2013 and we are about to make the 60th payment this spring).Would that extra $117 in cash flow each month make this deal workable?

If you can negotiate a rate of 3%, good on you, but underwrite as if you were paying 5 - 6% (particularly if you are paying interest only).If you have interest in the owners other two buildings, this deal obviously has to be workable for both parties,  but it needs to feel like a win for the vendor (i.e. err of the side of favouring the vender a little).

If its coming high cost loan the lender has give up some fesses to make it workable.

I wasn't able to get a workable solution to this one.

Unfortunately, I’ve never seen anything workable within a 2 hour drive.

Do you think this is workable, or too much risk for the low reward?