That is an impressive rate!

. - 30 year fixed terms - Usually have a Prepayment Penalty from 1-5 years, although you can price out a 0 PPP for a higher rate or fee- Minimum Credit score is 650 usually, although you could do a lower LTV loan at 620. 

Also lots of sellers have locked in <4% rates and don't want to buy at 7% new investors who dont have low rates will just deal with the new normal or historic rates.

Quote from @Chris Seveney: Quote from @Devin James: In 2021, we saw buyers upgrading to larger homes, taking advantage of 3% interest rates to afford an extra 300+ square feet.Today, smaller homes are selling much faster as higher rates make additional square footage less affordable.While rates are historically average, I don’t see them dropping significantly.

These will be LTRs and I will most definitely be playing the long game with these.In addition, as rates go down in the future (hopefully) I plan to refinance as most of us do.

A cash-out refi isn't really appealing with the rates and I'm locked in at 30 yr, 4.7% currently.

How about the interest rate - is there also a different rate for citizens and non-citizens?  

That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.

It really doesn't apply as much anymore in most markets because rates are too high and homes are selling for too much. .75% rule is more viable and would be the new 1% rule in this market.

I would say anyone who has done 5 flips is experienced and that success rate should be closer to 90% and up.