Not every seller wants to carry back financing, and while lending standards seem to be relaxing, DTI is still a big reason for people being turned down for mortgages.Whichever way you choose, I highly recommend looking into debt consolidation options so that you can at least curtail the compound interest on your debt.Good luck!

Or you can find a hard money lender with decent rates and low points that will carry the loan for a year or two.

There are other loan types that won't have this rule but usually Fannie/Freddie carry the better terms/rates. 

My question is can I get landlord insurance for a property I don't own or would I have to get the seller to carry the insurance?

I prefer tax or county foreclosures because it’s usually the senior most lien except federal liens.Obviously foreclosures carry higher risks, therefore may offer higher returns.

@Diane G.i see you are in california installing  more than 4 ft of electrical wire without a permit carries a jail time of 5 to 7 years hard labor .  

Then I would still be able to close on the property using sub-to and carry the existing financing.Any advice on this would be great.

@Carrie Hiner

If I find a property on the MLS and the seller is willing to finance, how is this transaction usually carried out?

If I find a property on the MLS and the seller is willing to finance, how is this transaction usually carried out?