A minor eventual lapse of a deadline or something but (1) it's better to know so you know what mistake to avoid in the future and (2) if everything you're saying is true, there appears to have been intention to deceive so all bets (for them) are off.

Inventory has been tight but is showing signs of opening up.

You should at least give them a deadline to get approved for a loan (say a month from now) or you are going to list it.

This would be my first investment and I was thinking if I could hold tight for 8 years I'd be making money along with potential appreciation but you're right, I might need to rethink the negative cash flow

As a new guy, I'm just amazed at how tight knit and informative this community is.Yes, I plan to move in myself (owner occupied) and would like to live there for at least a year.

Welcome to BP.Hang on tight and enjoy the ride.It sounds like you plan to buy and hold as rental property.If you expect $19,200 for rental income, then 50% rule says to expect about half of that to be eaten by operating expenses NOT including the principal and interest from mortgage.

I only hold on tight to those guys when I need them for my jobs!

I heard Bill Murray's group is building a development near downtown Charleston using containers, a high rent area, which may be the sweet spot for this product, vs the country where folks can buy a brick ranch home for $50,000.One advantage I see is stack-ability: if you can get around 3-5 units high, that could offer nice benefits on tough/tight sites.  

If you told the IRS that you netted $3500*52/12 = $15k per month over the course of the last two tax years, we would start with that number, do some wonky math, and come up with our own number for what you make.If your DTI is tight, you kind of want to drill down on that PRIOR to it being submitted to underwriting.

SoCal is a tight market right now.