You can only obtain Conventional financing (Fannie Mae) when it comes to investment properties, and when it comes to foreclosures, they're pretty strict. 7 year wait for Financial Mismanagement and 3 year wait for Extenuating Circumstances (the second one can vary from lender to lender).A deed in Lieu of Foreclosure/Pre-foreclosure Short Sale will have a shorter waiting period (like 3 or 4 years)Another issue would be if she has also filled bankruptcy at the same time of the foreclosure - this would have further delayed the bank from repossessing the home.

The "strike price" or sale price in a shorter term option needs to be close to the FMV, less the option price as it is credited toward the purchase.

The more time you spend on here talking to people and being humble, yet hungry for more, the more you will be able to do in a shorter period of time.

You usually wont save a ton, but the time on property is much shorter, saving money in the long-run. 

It will have commercial terms, such as shorter amortization periods, balloons, ARMs and such.

Longer trade lines with good payment history are better than shorter trade lines.  

I like shorter payoffs, but you must do what you are confortable with, to play a lttle game, sounds like you are looking for a 1% property and your father-in-law wants to see you in a 2% PROPERTY FOR HIS LITTLE GIRL...hmmm

If you really want a shorter pay-back period, my suggestion is to model your property (business) using the commitment of a 25yr amortization, but to make sure any mortgage you secure allows for a substantial annual pre-payment  (15 - 20%) or payment increase (again 15-20%).  

Just be aware, that commercial loans are more expensive, have shorter terms, and usually require balloon payments unless you can get owner to do a land contract. 

I am concerned that this property is sucking up money and the repair list is not getting shorter