I haven't personally done this type of rental strategy myself; however am curious to hear more about your experience.

What should I expect from a this type of program?

Pretend your getting the hardest rain you have ever seen and imagine where the water is going.I would also keep an eye out for sewer lines and type of material.

These are the primary factors that will guide your choice of market and the type of deals you'll pursue out of state.Investing out of state can be tricky.

What made you interested in investing in this type of deal?

Reach out to a loan broker with your exact info and the exact or at least type of property you want to buy and they should have options and opinions. 

I'm concerned that this will not get resolved and I am just being strung along at this point.Are these type of issues common? 

Here's how they break down:Fannie Mae HomestyleMinimum Down Payment: 3%-5% (Primary Residence) & 20% Down (Investment/Second Home)Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: Per County Loan LimitsOccupancy Types: Primary Residence, Second Homes, and Investment PropertiesUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements (e.g., new roofing, foundation repairs)-Cosmetic Enhancements (e.g., new flooring, updated bathroom/kitchen fixtures)-Energy Efficiency Upgrades (e.g., solar panels)-Accessibility Modifications (e.g., ramps, widened doorways)-Luxury Items (e.g., pool)-LandscapingNot Acceptable Renovations:-Commercial Use (e.g., turning a residential property into a commercial property)-Temporary Structures-Non-Residential Buildings (e.g., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

After designing 100+ projects in 22 states across the US, we’ve come across almost every type of home, ARV, and target buyer.

What made you interested in investing in this type of deal?