You'll likely have to pay settlement costs, but here are some options (cheapest to most expensive):Purchase a property subject to original financing (depends on loan balance)80% first loan 20% second loanFHA loan (for owner-occupied multi family)Seller-financed property (if your credit score is 625+)Lease-option with small option consideration (not legal in all states)ARM loan (don't be surprised when rates jump soon)Private equity (get someone to partner with you and use THEIR money)Hard money loan (generally less than 70% of ARV for property)

Currently in a 6.9% ARM 2/6.

your objectives or goals to maximize subprime financing should be to maybe hold the property for 1 - 2 years, (You may have to eat a 1 o 2 year prepay but it will lower the rate from a loan with a zero prepay,)while you build your credit back to an a-rating, then refi your cash out for more investment projects. theirs tons of new products, on the market that fit your particular scenario, such as the option arms, option arms give you the luxury of choosing/paying your mortgage 4 different ways each month.. 30yr P&I, 15yr P&I, Interest only, or whats called Neg am(Negative-ammoritization)the neg am, could allow you to get into a million dollar home for like $3k a month, they have 1% start rates.. these loans are really good for short term properties, like a year or 2.. especially if the property is in a desirable market..

ARM year, arm 1/1, arm 3/1, 30 year.

Things come up in a project that you sometime do not anticipate.Also, as far as the loan goes...if you plan on flipping the home within a year...don't go for the fix rate - but I recommend an ARM - the rates are lower and buy out of any pre-payment penalities.

.- At this point ARMs should be avoided at all costs.- If you agree with me that interest rates are going to continue rising then you would be wise to leverage to the hilt now by using the highest LTV FIXED RATE loans you can find and re-investing your money into more investments.

The tenants pay for everything but water and sewer which by records runs low of $74 to a high of $179 The loan I got was a 1% option arm and payment with PITI will be about $1270 Once side is currently rented for $850 but I think I can rent the vacant unit for $950.

ARM's, negative amoritzations, D paper loans, and other creative finance programs are the main culprit for rising foreclosures, not double closings.

For instance one lender may have the best rates for an option ARM but not for a 30yr fixed .

How can I arm myself against cheaters and are these large banks, I checked with BA and CITI, only sure option ?