And for those who say they are BS, not sure what their experience has been.Please don't stereotype the whole transactional funding industry because of a personal negative experience or because you "heard" something bad about another transactional funder. 

Financing the purchase of junk food like a stereotypical baby boomer is not a legitimate purpose.

If you are getting ahead and doing new things (be it real estate or other ventures) this is something some people are just not comfortable with...They can't really support your success or interests, so don't dwell on it or worry about negative stereotypes or horror stories....

Because of the widely held belief for much of the 20th century that RE would appreciate in perpetuity, and for most of the 20th century it did, the program was almost always advertised for first time buyers, as they were the most common to not have sufficient cash down payments. 

I've never heard of a perpetual contract like that.

Like Jim, the thought of investing in "rougher" neighborhoods intrigues me, especially because I grew up near 30th & greenfield ave (stereotyped by many as a "rough" area) in Milwaukee...and have had some of the nicest, most stand-up neighbors I could ask for.  

There's been multiple issues with disturbances and rent is perpetually late, but we haven't been documenting anything with warning notices.  

(yes that's judgmental and stereotyping)

While this guy is showing himself to be a stereotypical d-bag leach, there are also many people on HUD because they had an accident after working their whole lives and lost their life savings to hospital bills, etc.

Granted these are all stereotypical statements, and not true of all people.. but I'm just saying, D neighborhood isn't for a newbie.. those tenants know the game and will beat you at it.