Just ran into the same problem as @Lisa Bradley , but being an out of state investor, I cannot put myself as the registered agent - registered agent must be a resident of Indiana.

Herein lies the problem as I see it...What kind of investor is out there who would actually pay top dollar for a well-maintained entry level duplex?  

The source of income restrictions are only a problem as I see it in two ways -   1) short term vouchers must be accepted,  but still required to offer same lease I would for another applicant,  so I can't do something like say OK you have a 3 month voucher,   so I'll write a 3 month closed end lease and reevaluate your income at that point and renew if you have it.  

Usually it isn't a problem as long as you keep paying the loan, but I would be nervous that at some point they start getting aggressive about this (say if interest rates went to 7% and they see it as a way to force you to refi).

Hi Eric, my business partner just closed on his first four plex in Bakersfield CA, and he had much the same problem as you.

But if you don't have a good reason and can follow through on it, like it's really an investment property, there might be a problem as pointed out above.Lending is not what it use to be, alot has changed!

Even now we know the GP level syndication has a big problem as the cost of financing is so large it doesn't make sense to invest except with a cash position only like someone described above.Another note: I kept thinking about whether there's a price ceiling in the real estate market, and after so much research on this, I found the answer is yes.

if it's a smaller bank where you can talk direclty to somebody with authority, there's ways to word it correctly so that hopefully they'll say, "no problem." a

This will not be a problem. As

Now I am thinking that perhaps a mortgage would not present a problem as long as there is profit to be made via a rehab.