Your son is responsible for making payments on time or ruining this seller's credit. 

Hi Scott, you don't need to be a first time homebuyer to use an FHA loan and you don't need to be low credit (as many would suppose), but the product probably appeals most to low-credit first time buyers.

In order to execute on any of the strategies from #2, you will want to a work/income history and decent credit scores.

At this point, I would recommend having a line of credit to cover these things so you don't have money sitting in the bank doing nothing when it could be put to work.I have 33 units, no debt except for mortgages, and excellent income.

Sourced through the MLS and negotiated heavily with the seller to get price reductions and credits at closing How did you finance this deal?

While I wait for my work history, I want to build credit and save for a down payment.

This is also why you will see most deals in the not so favorable areas as it is easier for them to prey upon those sellers.

Quote from @Matthew Beninate: Quote from @Sarita Scherpereel: Quote from @Seo Hui Han: You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them. 

Anyone over 18 fills out has to furnish their social security and driver's license numbers, and pays a fee for a credit / background check.

Full credit/background check:  Look for missed payments, and any theft is always a no go.2.)