In the "industry", you would use an "Acquisition/Rehab" loan that allows you to use part of the loan to apply to the purchase of the property and you'll have some loan funds left over to use for the rehab.

In hindsight, they gave loans to people who were terrible tenants, who weren't going to change just because they now owned a house.In response to the Great Recession, higher lending criteria was forced on the industry by the government.

This is one area where it helps tremendously to have per-existing relationships with people in the industry such as family or friends.

Our industrial and commercial spaces have been much more lenient, but it needs to come into residential as well. 

Real estate is not something you can do "lightly" and do it well. 

It really shines a clear light onto the issue.

As a licensed Real Estate Broker in Maine, I managed the acquisition and renovation of 1272 Lakins Rd, Etna, leveraging my expertise and industry knowledge.

Our coverage was a little light for the extent of the accident.  

So I wouldn't make a selling decision lightly (or a rental decision) and I am really loathe to give up a good property with a rate that may never be had again.

Is anyone familiar with the rule listed in the title and is anyone that has a full-time job in another industry using this rule?