It's a 3 bedroom, 2 bath, 1105 sf house in a B neighborhood.Purchase price: $322k (Originally, my partner wanted to flip it with me, but I persuaded him to sell it to me.

Like all aspects of investing, the most important step is to do your research on the home and tenant.Review their original applications to ensure the current residents meet all qualifications.

We're doing the disclosures now and I was quite surprised at the 2.469% of Loan Amount (points) Origination charge which brings the total Origination charges to $16,500 (Property cost is 645K, 10% down).

Purchase price: $10,000 Cash invested: $32,000This was originally a two bedroom house upstairs with kitchen dining room living room and a bathroom downstairs with like a mud room for say.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

It may slightly negatively effect you credit score

If you are originating the CFPB rules are the same for a land contract or mortgage, so I don't see any benefit to creating a land contract.

Originally posted by @Brian Burke:Pick me!  

We will need to wait a bit for seasoning but I expect to be able to refinance in the coming year pulling out all our original capital.  

Originally posted by @James Walker:My family has a 0.5 acre piece of property in Austin, TX east of 35 near the old Mueller Airport.