they probably have a bunch of 3% nonconforming loans on their balance sheet so 5.5% is not bad, totally reliable payments, plus in a legal battle they'd likely find the power of attorney didn't extend to the ridiculous term and that there was no breach of any enforceable agreement.   

Aim for a 620+ credit score, save for a down payment, and research markets with strong rental demand.

Did they have bank statements showing utility payments for the rentals?

Hi @Rene Hosman -In a nutshell, I find motivated sellers and tenants with damaged credit (or ones without a large enough down payment) and work to put the tenants in the seller's house with an option to buy.

Been with them 8 years, they've never missed a payment and they give detailed quarterly status reports. 

Love the idea of helping out a first time buyer, may run into trouble if she's not the primary resident, check w/ lender but I don't think that'll fly w/o more of a down payment.

(Luckily 99% is digital now so I can “help her” sign.)  

You make all of the BAH payments back tax free for you.2.  

I been looking to buy my first rental property I already got Pre-approval loan, down payment and criteria for the house.

You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.