I think they used to go up to like 80-85% CLTV depending on credit score.

So I put $1600 on a credit card for a down payment and then pay $500 a month until the full amount was paid off.

First he had done over 30 deals and had a history.  

We have about 1/3 to 1/2 of a down saved at the moment, have a 755 Credit score, and are feeling good.

We both have good credit but my lender made it seem like there was no getting around putting less than 25% down on an investment property.

@Justin FondrenIf your credit score is in the 700–730 range, you're in a great position to secure favorable loan terms.

So she's just behind in her mortgage and probably has a notice of default or whatever the procedure is in Florida.Your ability to get a loan for the home has nothing to do with her payment history on the home.  

Sometimes it's nice to get a new lease so that you can increase the rent right off the bat, but having tenants with a solid payment history is worth so much more to me.

Padsplit residents can cause problems with neighbors and other residents because many have substance abuse and/or criminal histories. 

You will not be refunded any of the UFMIP if you refi unless you refi into another FHA loan, in which case you will receive a partial credit based on how long it's been.