Local allows you to use your local knowledge, allows you to house hack get the highest LTV loan with good OO terms, perform heroics if required, and benefit from outstanding historical appreciation.  

It is highly unlikely that you'd be able to FHA with an outstanding 3F on your debt sheet right now. 

There's a large pile of renovations that need to take place (foundation lift, roof repair, windows etc...).I see it as a great opportunity to restore it to a functioning rental property, especially given that there is no outstanding mortgage. 

There is also plenty of risk with outstanding liens, damages, property conditions etc.

Matt, That's outstanding...We've been looking at RV parks as well.

I worked with an outstanding gutter replacement specialist who replaced all of the gutters and downspouts on my SFR this summer.

He lost his job and my job being commission based has not been as financially stable as it has in the past.We currently rent in Brooklyn and owe an outstanding amount of $12,000 +.

The second appraisal came in at 49K of which the bank will loan 39K which leaves me short for the outstanding 54k balance.I finally had enough and expressed that I felt I was walked into a bad deal and I was mislead about the entire thing.

My question is when investors are flipping tens and hundreds of homes a year, are they using their personal credit when applying for loans and how do they maintain a high enough credit score when they have so many loans outstanding (credit pulls for each)?

@Julio Cruz that makes sense, but if the house is worth 700, they sell it, subtract broker fees and pay off the outstanding debt, like you said, they're left with 450K.