Three out of the four units are section 8 CHA tenants, so the rent is on time each month, but we have to do an inspection every two years.What is the condition of the property you are looking at?

This then would allow you to look at a property 1500sf 3/2 with the same rehab as a property in the same condition that you got a bid for 1-4 weeks ago..

Again this is based on no major renovation/improvements if the house was acquired in bad condition. 

The underwriters will be looking at similar property condition requirements (c4 or higher) of a conventional loan (no deferred maintenance or safety hazards which would affect value).  

It is in good condition and centrally located to shopping and the base so I'm surprise that it has been sitting this long. 

Hi Renata,To gain a clearer understanding of the overall condition of the home—including plumbing, electrical systems, HVAC, and the roof—and to identify any major issues such as asbestos, water damage, mold, foundation concerns, or wood-destroying insects, I strongly recommend having the prospective properties thoroughly inspected.

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

Call the lender to confirm the details of the preapproval If your property is in good condition then steps 3 and 4 might be slight overkill but it will help weeding out bad buyersHope this helps and let me know if I can help more!

Some of the new laws in the state house will require you to provide Air-Conditioning.

The current rents are really low because the tenants are responsible for doing any and all repairs on their buildings (which in my opinion contributes to the poor condition of the buildings).