@Jeff O'Neal In my experience broker proformas are always incorrect.

The other two apartment buildings that I bought all had some quirk issues with tenants the first year. 

They all have their little quirks but do the same.If you decide to hire a property manager, consider these suggestions:Understand ALL their fees and terms:  Do not judge a PM simply by their monthly fee (8-10%). 

Reached out to the lender to make sure nothing was amiss and he eventually called me back explaining there was something incorrect in the closing disclosure that didn't affect the actually closing in any way, but that the servicer required the check be sent to "cure" the error.

They incorrectly updated my credit stating the my home (the one that I still live in to this day) was sold for a short sale.  

Was I incorrect in VA IRRRL would remove the primary residence stipulation, In which allow me to apply for FHA?

For some reason it bothers me that the term “wholesaling” as used in real estate is used to incorrectly describe the activity of “flipping or assigning” contracts.  

That explanation, took more than two words to state, which is why most use incorrect  terms, but in that explanation, definition, is also what you need to be looking for, distressed properties or sellers or both.

i believe that most lenders won't count the rent as income if it is paid by immediate family (though it wouldn't qualify anyway unless its been on your tax returns for 2 years by most standards anyway). also, you are assuming incorrectly for probable vacancies. many states now require students to take atleast 1 summer session and many students will stay in the area regardless as they may have jobs or other obligations. when i lived in the dorms when i was in college, i used to hate it when the dorms would close for periods of time (ie between fall and spring term). such a hassle!

You are right that dividing the spoils would require some work but that is really not related to the foreclosure but to the division of the proceeds from the foreclosure sale.J Scott, the comparison to criminals is somewhat incorrect because criminal acts are intentional whereas the banks seem to just be doing occasional screwups.