It will be tight, but I can do it.

.`(9) DOCUMENTATION AND VERIFICATION OF INCOME- In complying with the FHA underwriting requirements under the HOPE for Homeowners Program under this section, the mortgagee under the mortgage shall document and verify the income of the mortgagor by procuring an Internal Revenue Service transcript of the income tax returns of the mortgagor for the 2 most recent years for which the filing deadline for such years has passed and by any other method, in accordance with procedures and standards that the Board or the Secretary shall establish.`(10) MORTGAGE FRAUD- The mortgagor shall not have been convicted under any provision of Federal or State law for fraud, including mortgage fraud.`(11) PRIMARY RESIDENCE- The mortgagor shall provide documentation satisfactory in the determination of the Secretary to prove that the residence covered by the mortgage to be insured under this section is occupied by the mortgagor as the primary residence of the mortgagor, and that such residence is the only residence in which the mortgagor has any present ownership interest.

Do plenty of research on this forum, but set a firm deadline when you will do your first deal...maybe 60-90 days out.

will look into that, im very good with money and a little on the tight side, i dont like having debt, so even the thought of having multiple mortages out scares me, im thinkin of rehabing 1-2 a year and if the ball starts rolling ill start doing more and more, but i see what your saying paying cahs for everything would take a long long time, plus my fear is the cash i accumulate would always be in a race with appreciation of thee houses, thanks for the advice

Set up an imaginary deadline.

will look into that, im very good with money and a little on the tight side, i dont like having debt, so even the thought of having multiple mortages out scares me, im thinkin of rehabing 1-2 a year and if the ball starts rolling ill start doing more and more, but i see what your saying paying cahs for everything would take a long long time, plus my fear is the cash i accumulate would always be in a race with appreciation of thee houses, thanks for the advice

I did ask about putting a lock box on the thermostat. the PM said they keep a TIGHT rein on their crews re AC and heating, so no.After they leave, I will turn the AC breaker off, and put a lock on the control box.

In this tight lending market, there are many who can not fully qualify for traditional loans, therefore your market is reduced.

The money is just a little too tight for me to be comfortable with my ability to get financing to do both at the same time.

thanks, Dave Dave, I emailed the FDIC a few months ago with the same question this is what I got back Subject: RE: Loan Loss Reserves and Real Estate owned on a banks balance sheet Jeff, I am sorry for the long delay in getting back to you, but you caught me on vacation and I have had a very tight deadline on a project since I got back.