I am not sure of the current stats on owner-occupied homes in the neighborhood, but I would say a fair number of people had to rent theirs out due to the market being flooded with foreclosures and still not recovered.

Let's examine the beauty of making money in real estate using this creative way.

Any stats in regards to pass rate?

Never use income projections from the seller or a Realtor, you can only use fixed expenses of the owner after a close examination as your position will always be different than the current owner's.

I just passed the California Real Estate Salesperson Exam in Fresno.

That's a really painful lesson in title examination.-- You don't get absolute occupancy rights.

I was explaining to him that I wanted to get my NY RE license and was wondering what the next step would be after I passed the exam. In

Here are the basic stats...

"According to BBVA Compass, the subject property must either be located in a low-to-moderate income census tract (as determined by the Federal Financial Institutions Examination Council) or the loan applicants cannot have an income greater than 80% of the median income for the area, per the guidelines"http://www.housingwire.com/articles/33120-bbva-compass-launches-zero-percent-down-mortgage-programSounds great for those who invested in low income housing areas don't think Los Angeles would have areas your friend would want to live in

This is exactly why I love biggerpockets.com, you have smart experienced guys coming up with creative ideas like Rich, you have smart experienced guys examining those creative ideas with a fine tooth comb and laying out the facts, like Bill, and you have smart experienced guys giving a well reasoned opinion like J.Scott and others here.Kudos to all, really appreciate all of you.Every investment has risk, it's how you manage risk and your own tolerance level for risk that matter to YOU!