Good news is that FHA offers some great options that can wrap in rehab costs with a very low down payment (3.5%).

(http://articles.latimes.com/1999/sep/03/news/mn-63...) and also check out this article: (https://www.linkedin.com/pulse/my-investment-mexic...)Maldives--- Foreigners are restricted to buying 50 year leases in certain resort areas.  

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If i understand what you are saying, the $15k would be applied to purchase price reducing it to $485k in my example, which is good news, except that I still have to come up with 20% which would be $97k.

This is the same city that has been in the news for having deadly mold in their police and fire stations and city hall is falling down with numerous stories about how the building is partially condemned.

These are very significant bumps and very good news for our underwriting assumptions.Bad DebtWe are writing down about $2,500 of bad debt.

That is the thing that has always scared me about the whole process.The good news is you can screen all applicants the same in other areas,  so make sure you have credit/civil/criminal (not in seattle)/references criteria that you are comfortable with even if your applicant is fully subsidized.If your particular applicant has $1700ish income on their own they are probably among the stronger sec8 applicants around;  might be worth giving them a shot if the rest of their background check comes back decent.

The good news is that you are simply repaying yourself.

That's good news!

The good news is you get to get creative.