Libby,I have section 8 properties and if you take care of the tenants they will likely take care of you and be long term tenants.I would say to them I can't afford it right now but if you will give me 6 months I will upgrade the flooring and give you a few choices to pick from.

I love tax liens for ESAs-good choice. 

In the end it important to think through the numbers and remain flexible to make the choices that work for your situation.  

But keep in mind we've never had a client audited for amending with Form 3115 so it's a personal choice and depends on your risk tolerance.

This is the method of choice for new construction in St.

My offer to the seller (please analyze and offer feedback, offering soon)-$230,000 for the house-$60,000 down (paying off lien, avoiding foreclosure, I'll cover closing costs)-Seller financing for the $170,000 balance at 3.5% ($495.83 payment to him monthly) interest only for 5-7 years (seller's choice)-If he takes the offer for 5 years, he'll net $259,749 for the house-If he takes the offer for 7 years, he'll net $271,650 for the houseOverall I think this is a very fair offer and not a bad way for him to get out of this situation considering the alternative.Property and Cash Flow Analysis based on Current RentsOffering Price: $230,000Closing Costs: ~$2,500Rehab: ~1,000 for some exterior paintingDown Payment: $60,000 to payoff lien, closing costs.

SOFI is pretty liberal about what they consider income but only lend on owner occupied so if the home is for you to live in they might be a good choice for a lender, unless they change rules between now and then.

The fact is that you will have very few choices on the market at any one time.

Having just walked away from a job that provided my family with an above average salary, I wondered if I was making the right choice.

We sell a course called the   " Ins And Outs of Leases" if you are interested.No matter where you get your lease join your local REIA to find out what others in your area are doing.PLEASE consult an attorney who works in contract law / Leases and have them review your choice.